|
Good Thursday morning,
Ever feel like you are being watched?!? Well, as we said two days ago, we could be "topping out", so look to lock in profits, and be on the lookout for a liquidation break. Well, here we are, lower across the board after a selloff yesterday, and further weakness in the overnight session. Futures popped a bit higher after the PPI report, and we are now back inside of prior days range, but the most important thing for today will be where we close and where "Value" develops! If price and value develop below yesterday's range, then we should be looking for more downside tomorrow and into next week, however, if buyers can bring price back up and value develops inside of prior days value, then it should be status quo for the bulls.
After another highly volatile day in trading yesterday, both upper and lower targets were hit! This doesn't happen often, but it highlights the importance of the levels we provide daily—they're definitely worth paying attention to! Well today will be no different. The key levels and targets are laid out below.
In the profile pic and key levels, you can price is now back in range from yesterday, after hitting overnight lows at 5987.75. The first key line in the sand will be prior low at 6006. If price can hold this level, then look for VAL (Value Area Low) at 6027. Any move over that then look for 6032, 6035, then the POC at 6045, then upper targets. This honestly would be the lowest probability move in my opinion, but I am ruling nothing out. If sellers take price back below 6006, then look for lower targets at 5960 - 5950, then possibly 5930 area.
Futures are currently trading at 6012 at the time of this writing.
VPOC Update: As mentioned yesterday, 6063.75 was in play and did get taken out as yesterday's high was 6064.75, so we now have only 3 left above, and 23 below. 5970 is the closest below and could be in play today.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6050 - 6060
Key Levels: 6006 Prior low and 6027 VAL
downside target is: 5960 - 5950
/NQ upside target is: 22,150 - 22,200
Key Level: 21,885 VAL then 22,014.75 POC
downside target is : 21,700 - 21,650
/RTY upside target is: 2155 - 2165
downside target is: 2110 - 2100
Economic Data : Red Star Event
Jobless Claims @ 8:30 AM ET
PPI - Final Demand @ 8:30 AM ET
Quarterly Services Survey @ 10:00 AM ET
EIA Natural Gas Report @ 10:30 AM ET
Treasury Buyback Announcement @ 11:00 AM ET
Treasury Buyback Results @ 2:00 PM ET
Fed Balance Sheet @ 4:30 PM ET
Consumer Sentiment @ 10:00 AM ET
More Color By : Rich Rickus
Back tomorrow
Have a great day!
| 
