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Good Wednesday morning!
New all time highs again yesterday in the tech heavy NASDAQ and also the S&P, where that key level of 5331 held again! SPX closed at 5375.
I'm going to keep it short and sweet. Today we have very important economic data coming out so buckle up! There is NO WAY I can know what is going to happen, just like anyone else, so keep that in mind. At 8:30 AM EST we have CPI and then at 2:00 PM EST, the FED will announce their decision on interest rates, followed by the FED Chair Press Conference @ 2;30 PM EST, so there will be HUGE intraday volatility today! Sometimes it's best to sit on hands until the dust settles a bit.
Now with that being said, futures are higher this morning and overnight inventory is about 95% net long with a true gap so there could be a fade lower. I will use a look above and fail at the overnight high or a 1 minute low for a short.
As you can see in the profile pic below, the markets have now broken out of a 5 day balance area and I have once again put a box around the yellow shaded value areas. (Please remember......the "value area" is where 70% of volume traded in any given day) As far as what I will be watching will be the key areas of 5385 then 5375. If we lose these areas then we could be looking for our lower targets. Any hold above these levels and the bulls remain in firm control. When the markets are in "rare air", or new all time highs, it is hard to know exactly where things will top out.
SBUX: No change. We are keeping stops and targets in place for now.
VPOC Update: No new VPOC's yesterday. We still have 22 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5395 - 5400
Key Levels: 5385 then 5375 See profile pic below
downside target is: 5360 - 5355
/NQ upside target is: 19,310 - 19,340
Key Level: 19,234 Overnight low
downside target is : 19,160 - 19,140
RTY upside target is: 2038 - 2042
downside target is: 2010 - 2006
Economic Data: IMPORTANT DATE AND FED DAY!!!!
CPI @ 8:30 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 - Supply flipped to Key demand at $5375-5370
1. A breakdown below $5369 and holding after a pullback I will look to play short targeting $5355
2. Sellers trapped above $5370 after a break and retest targeting $5380 then
new HOD
SPY - Key Demand $535-536
1. Sellers trapped above $535 looking to play long off a break and retest
target $536 then $537
2. Buyers trapped below $534 after a break and retest looking to play short
targeting $533 then $532
SPX Key Demand at $5360 - 5365 with
1. A breakdown below $5359 and retest I will look to play short targeting
$5320
2. A bounce above $5360 I will look to play long targeting $5370 then HOD
/NQ Key Demand @ 19135 - 55
1. Sellers trapped above $19130 looking to play long targeting $19150
1. A breakdown below $19125 and hold after a pullback I will look to play
short targeting new LOD
QQQ Key Demand at $466-465
1. Sellers trapped above $465 looking to play long off a break and retest
targeting $467 then $468
2. Buyers trapped below $465 playing short after a break and retest ,
targeting $463-461
AMD Key Demand flipping to Supply at $160-159
1. Sellers trapped above $156 after a break and retest holds above targeting
$162 then $164
2. Buyers trapped below $160 after HOD fails new , with follow through
looking to play short targeting $164 then $162
As ALWAYS, have your stops & targets in place and have a great day!!!
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