|
Happy Friday morning!!
Yesterday the markets held off early selling pressure...again....and I feel like a broken record. The same thing happened Wednesday morning as markets sold off sharply right from the opening bell, however, as we literally just said yesterday, like magic, buyers came back in and took prices higher and the markets closed well off of the intraday lows on Thursday. I am not saying this is going to happen everyday but the past two days patterns have almost been identical, telling me that the algo's and bot's (the buy and sell programs from institutional shops) are running the show!
For now we have to assume the trend is going slightly back up vs sideways, as we've seen last four trading sessions, Friday through Wednesday. That four day balance has turned to the upside yesterday but it doesn't feel like a lay up that we just go straight back up to new all time highs. There seems to be some caution and hesitation by traders and investors at these levels, but unless the S&P cash breaks back down below 5920, then the bulls are firmly in control! The level to watch in the ES is 5945.
Futures are flat to mixed this morning and we are inside of prior day's range. Overnight inventory is net short (from the settlement) but there is still no true edge going into the opening bell. Any price action that stays between 5977 - 5954 is balance. That range is the overnight high to the pivot point. You can use the POC @ 5970 as a tipping point in either direction early to help gauge the short term direction. If the upper or lower ends of that range are tested then look for the appropriate upper and/or lower targets from there! Try to keep it simple today. Futures are trading @ 5965 at the time of this writing.
VPOC Update: There was a new VPOC' added yesterday below @ 5899.25 and 5957.25 was taken out so it was a net neutral day. That being said, we now only have one above current price @ 6004 and still 28 below where current price is trading.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5990 - 6000
Key Levels: 5970 POC
downside target is: 5940 - 5930
/NQ upside target is: 20,980 - 21,015
Key Level: 20,711 1/2 Back and overnight low
downside target is : 20,710 - 20,670
/RTY upside target is: 2380 - 2390
downside target is: 2360 - 2350
Economic Data:
PMI Composite Flash @ 9:45 AM ET
Consumer Sentiment @ 10:00 AM ET
Treasury Buyback Announcement (Preliminary) @ 11:00 AM ET
Michelle Bowman Speaks @ 6:15 PM ET
More Color....... By Analyst Rich Rickus
11/22 /24
-
/ES - Demand at $5860-50 with Supply at $5600
Bearish
Buyers trapped below $5860 after a pullback below $5855-50 looking to play SHORT targeting $5822 then $5800
Bullish
Sellers trapped above $5880 after a break and retest above $5890-95 playing LONG targeting $5922 then $5950.
-
SPY - Demand at $591-590 with Supply above that at $594-595
Bullish
Sellers trapped above $591 after a break and retest above $592 looking to play LONG targeting $593 then high $594
Bearish
Buyers trapped below $591 after a retest from $590 targeting $589 then $588.60
-
/NQ - Key Demand at $20550-400 with Supply $20900- 50 $208000
Bullish
Sellers trapped above $20400 looking to play long after a pullback holds above targeting $20445 then $20665
Bearish
Buyers trapped below $20400 and holding below $20400 looking to play short targeting $20380 then $20300
-
QQQ - Key Demand at $498-500 with Supply above at $506 then below at $504
Bullish
Sellers trapped above $498 looking to play long from a break and retest at $499 targeting $503 then $505.50
Bearish
Buyers trapped below $498 after a break and retest below $497 looking to play short targeting $495then high $493
Have a great day and a fantastic weekend!
| 
