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Good Tuesday morning,
After a strong move higher yesterday and a gap fill to Thursday's low (we apologize—we said it was Friday's low at 6360 yesterday, but it was actually Thursday's. The key, however, was the level, not the day!), futures are mixed heading into today's trading session. The playbook is laid out below, so keep it simple today and let's get into it.
📊 In the profile pic and key levels below, futures are trading near the prior day's high at 6,365, and this will be the first key level once the bell rings. If buyers can push price above that level and keep it there, then we should look for further upside toward our upper targets at 6,390–6,400. Further buying could see 6,420–6,430.
If sellers take price and keep it below 6,365, then VAH (Value Area High) would be the first stop at 6,353, then the POC at 6,346 would be next. Further selling would bring our lower targets into play at 6,335–6,325. More liquidation could see 6,310 - 6,295.
Futures are currently trading at 6,363 at the time of this writing.
🧭 VPOC Update: A VPOC was taken out yesterday at 6,336 and a new one was added at 6,264.50 as prior low was only 6,302. We now have one above and four below current price.
Current VPOCs: Those in BOLD are above current price
- 6,374.50
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,390 - 6,400
Key Levels: 6,365.50 Prior High
downside target is: 6,335 - 6,325
/NQ upside target is: 23,475 - 23,500
Key Level: 23,338 Prior High
downside target is : 23,225 - 23,200
/RTY upside target is: 2,245 - 2,255
downside target is: 2,210 - 2,200
Economic Data :
International Trade in Goods and Services @ 8:30 a.m. EST
PMI Composite Final @ 9:45 a.m. EST
ISM Services Index @ 10:00 a.m. EST
More Color By : Rich Rickus
Have a great day!
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