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Good Wednesday morning!
Today is very busy with lots of economic data, earnings and the FED announcement, so expect some volatile action up into the release of the decision made by Jerome Powell and his team @ 2:00 PM EST.
This morning futures are up across the board and have ripped off of yesterday's and overnight lows after MSFT reported and initially sold off. Even "softie" has recovered nicely although it will open down this morning, but it is well off of those post earnings lows.
Overnight inventory is net long and now has moved outside of Tuesday's range as of this writing. Any price action above 5527.50 is very bullish so look for upper targets. Any move back below could be a difficult zone as there is a lot of area to cover, but anything above 5495 is still edge to the bulls! ONLY a loss of 5495 then 5485-5480 would change the tone and turn things back over to the bears. Have a wonderful day and stay safe!!!
VPOC Update: No new VPOC's added yesterday once again. Still 2 above and 24 below. 5611.25 is the closest VPOC above current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5525 - 5535 then 5550-5555
Key Level: 5505 -5495 Bottom of spike and single prints
downside target is: 5485 - 5480 then 5470 then 5440
/NQ upside target is: 19,175 - 19,200 then 19,375 then 19,400
Key Level: 19,035 - 19,025 1/2 Back & Bottom of spike
downside target is : 18,750 - 18,730
/RTY upside target is: 2285 - 2395
downside target is: 2235 - 2230
Economic Data: VERY BUSY TODAY!
ADP Payroll Employment Report @ 8:15 AM EST
Treasury Refunding @ 8:30 AM EST
Employment Cost Index @ 8:30 AM EST
Chicago PMI @ 9:45 AM EST
Pending Home Sales @ 10:00 AM EST
Crude Inventories @ 10:30 AM EST
FOMC Announcement @ 2:00 PM EST
FED Chair Press Conference @ 2:30 PM EST
More Color.......
/ES - Demand $5432-23 then at $5465- 5475 then $54316p with Supply at $5535- 25 and $5550
1. Buyers trapped below $5460 and holding below after a pullback will be looking to play short targeting $5440 then $5425
2. Sellers trapped above $5470 looking to play long targeting $5488 then $5500 and $5521
SPY - Demand at $538-539 and then at $545 with Supply at $548
1. Buyers trapped below $544 after a break and retest from $543 looking to play short targeting $542 then 540
2. Sellers trapped above $545 looking to play long from a break and retest from $546 targeting $548 then HOD
SPX Demand at $5390-5400 with Supply at $5450 and $5488-92
1. A breakdown below $$5450 and holding below $ 5448 after retest I will look to play short targeting $5430 then $5422
2. A bounce above $5455 and reclaim support I will look to play long
targeting $5475 then $5488
/NQ Key Demand at $18725-80 then $19089 - $19100 with Supply at $19321-$19265
1. Sellers trapped above $19090 looking to play long targeting $19150
2. Buyers are trapped below $19080 off and holding , looking to play short targeting $18990 then $18970
QQQ Demand at $458-457 with Supply above at $468-467 then $472-74
1. Sellers trapped above $460 looking to play long off a break and retest
from $461 targeting $463 then $464
2. Buyers trapped below $468 after a break and retest below $467 playing short targeting $465 then $464
AAPL KEY Demand Gap up at $219 with nearest supply at $223
1. Sellers trapped above $218 looking to play long of a Gap fill and bounce from $219 targeting Supply
2. A breakdown below $218 and holding I would like to play short
GOOGL Gap Up with Demand at $170-171 with Supply at $176-175
1. Sellers trapped above $170 looking to play long targeting $173 then $175
2. A breakdown and holding below $169 I would like to play Short targeting $167 then 165
Have a great day!
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