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Good Wednesday morning!
Another win for the bulls yesterday even though the markets closed slightly in the red. And I say another win because the market is still one time framing higher and the value areas and POC's (Points of Control) keep building higher. This tells us that traders and investor are still willing to pay up for stocks. Now we did have a sharp liquidation break yesterday, however, it was short lived as buyers kept price above key levels, and this also shows conviction in the markets on the buy side for now. We still have higher odds for a liquidation break at some point in the near future but for now stay fluid as we are still in a "BTD" environment...Buy the Dip!
This morning futures are higher however we are inside of prior days range. As the key levels and profile pic show, any price action that stays above 5620 is status quo and look for possible upper targets being hit. If price breaks below 5620 on strong tempo and momentum, we may hit yesterday's low and then lower targets. This would stop the one time framing phenomenon we are currently experiencing and could signal a potential reversal. We have a few pieces of important economic data today so stay sharp.
VPOC Update: Yep, another new VPOC was added yesterday @ 5620 so only 5699.50 remains above current prices and we now have 22 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5640 - 5645
Key Levels: 5620 POC & Overnight Low
downside target is: 5590 - 5585
/NQ upside target is: 19,945 - 19,975
Key Level: 19,792 Value Area Low & Overnight Low
downside target is : 19,795 - 19,755
/RTY upside target is: 2180 - 2185
downside target is: 2135 - 2130
Economic Data: Light Today But Key Reports
Crude Inventories @ 10:30 AM EST
20 Year Bond Auction @ 1:00 PM EST
FOMC Minutes @ 2:00 PM EST
More Color....... By Analyst Rich Rickus
/ES - Demand $5590 - 5600 with Supply at $5665-67
1. Buyers trapped below $5590 and holding below after a pullback looking to play SHORT targeting $5550 then 5537
2. Sellers trapped above $5595 looking to play long targeting $5610 then $5625
SPY - Demand that was previously Supply at $553-554 with Supply at $563
1. Buyers trapped below $563 after a break and retest from $562 looking to play short targeting $559 then $558
2. Sellers trapped above $553 looking to play long from a break and retest from $554 targeting $556 then $557
/NQ Key Demand at then at $19740-61 with Supply at $19935
1. Sellers trapped above $19760 looking to play long targeting 197790 then $19815
2. Buyers are trapped below $19738 and holding , looking to play short
targeting $19710 then $19685
QQQ Key Supply flipped to Demand at $477 478 with Supply at $483
1. Sellers trapped above $476 I want to play long off a break and retest
from$477 targeting $478 then $479
1. Buyers trapped below $475 after a break and retest below $474 looking to play short targeting $473 then $471
Also watching ...
AMD Key demand at $153 with Supply above at $158 then $162 HOD
1. Buyers trapped below $153 after a break and retest from $152 looking to play SHORT targeting $150 then $149
2. Sellers trapped above $154 playing a break and retest from $155 playing long targeting $158 then $160
AAPL Key Demand at $219 then at $223 with KEY Supply above $227 HOD
1. Sellers trapped above $223 looking to play long targeting $224.5 then
$226
2. Buyers trapped below $223 and holding targeting $222.5 then $221
NVDA Key Supply flipped to demand at $125-126 with supply above at $131
1. Sellers trapped above $125 playing a break and retest from $126 LONG targeting $128 then $130
2. Buyers trapped below $125 and I will look to play short off a break and retest from $124 targeting $ 123 then $122
Have a great day!
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