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Good Thursday morning,
Not s single seller yet on planet earth, and for the time being, we need to respect this current trend. It has been very violent up at the all time highs, and there have been significant liquidation breaks recently, however, buyers always seem to step back in to the markets.
Case in point. MSFT and NVDA just hit new all time highs, and NVDA is the first company to reach a $4 trillion dollar market cap. Softie is close behind at $3.8 trillion. That is quite impressive. Also the Fear/Greed Index is in "Extreme Greed" range, so that also confirms traders and investors around the world are still in buy mode! Until we see meaningful change (where value builds lower) then we must respect the current environment
In the profile pic and key levels below, price is within the prior range and overnight inventory is net short. It is not a true gap so it will be a jump ball once the bell rings! You can see there are many reference points as to who will be in charge today. If price can stay above half-back at 6,295, then the POC could be in play at 6,308, and then any move over that level could see the prior high, overnight high and value area high get tagged around the 6,315 area. Any move above that level we would then monitor for our upper targets at 6,320-6,330.
If futures move below half-back and then take out the value area low and overnight low at 6289, then we would look for a drop to our lower targets at 6290-6280. What’s most compelling is the absence of any true selling conviction. Until someone steps up to take control lower, respecting buyers’ dominance feels prudent. Stay fluid and expect responsive trade.
Here’s how I’d summarize today’s key pivot zones:
Level: Significance
6,320–6,330 Upper resistance zone; potential extension targets
6,315 Cluster of prior highs, ONH, VAH; momentum threshold
6,308 POC magnet; could bring strong responsive activity
6,295 1/2 Back threshold; staying above opens door for auction higher
6,289 VAL & ONL; break below could trigger downside
6,280–6,290 Lower support zone if value builds lower
Futures are currently trading at 6,302 at the time of this writing.
VPOC Update: A new VPOC was added below at 6,271 yesterday as the low of the day was only 6,276. We still have one above and now four below.
VPOCs
6,324 (above), 6,271 / 6,146 / 6,091 / 6,050 (below)
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,320 - 6,330
Key Levels: 6,308 POC and 1.2 back 6,295
downside target is: 6,290 - 6,280
/NQ upside target is: 23,150 - 23,175
Key Level: 22,980 POC
downside target is : 22,925 - 22,900
/RTY upside target is: 2,275- 2,285
downside target is: 2,255 - 2,245
Economic Data :
Natural Gas Inventories @ 10:30 AM ET
More Color By : Rich Rickus
Back at it tomorrow
Have a great day!
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