Morning Color

September 5, 2025

Good Friday morning,

Can't stop, wont stop! Bulls are in full control of the current market and have shown incredible resiliency since the huge gap down this past Tuesday. That tariff news (the cause of the drop) absolutely did not matter to market participants, and we are hitting new all time highs again in the overnight and pre market session! The government jobs report was just released and the numbers came in terrible - only 22K jobs added vs the consensus estimate of 78K - so the market is popping on the expectations of the Fed cutting rates on September 17th! There is now a 99% chance that the Fed will indeed cut rates.

📊 In the profile pic and key levels below, futures are trading well above yesterday's high at 6,516.25 and the POC at 6,511. These are the first key levels for today. Just like yesterday, if buyers can push price above the prior high and stay there, then we could be looking for a retest of the overnight high at 6,535, then upper targets at 6,555 - 6,565. See pivot sheet below for extended target levels! And yes, this sounds a lot like yesterday's playbook, but hey - it is what it is, my friends!

Now if sellers can push price below the prior high and the POC at 6,511, then look for a retest of the overnight lows at 6,502, followed by prior half-back at 6,486, then lower targets at 6,475 - 6,465.

Futures are currently trading at 6,534 at the time of this writing.

🧭 VPOC Update: As mentioned yesterday, 6,470.50 could be in play, and indeed it was taken out on the strength of the market. Also, my apologies, but there is another VPOC above price at 6,517.25. This was from the all-time high day recorded on August 28th. That is now in play for today! By the way, price is now back above that VPOC, so technically all VPOCs are now below current price (though this may change by the time the bell rings). Also, another new VPOC was added below at 6,450.00. We have six VPOCs below the current price.

Current VPOCs: (BOLD is above current price)