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Good Wednesday morning,
Lift-off! A huge gap yesterday held (meaning it did not trade back into Monday's range), and futures are higher once again today. The move Tuesday was quite impressive—especially with two wars ongoing, tariff concerns, etc.—however, buyers around the globe continue to pour money into the markets. The NDX will hit, or be close to, new all-time highs once the opening bell rings, and the SPX will be a mere 47 points from its own all-time highs! The DOW and RUSSELL are not even close at this point, so we know where all the money is going.
In the profile pic and key levels below, futures are trading close to yesterday's high at 6155.25. This will be the first key level to watch. If price can stay above that—and I’m not saying it definitely will—then the edge, of course, remains with the bulls, and we will look for upper targets at 6175–6185. Any price exploration below 6155.25 should bring prices lower to test the POC (Point of Control) at 6146.75. The next stop would be the first set of single prints and the overnight low around 6138, then the second set of single prints and Tuesday's halfback at 6132. Only a loss of this level would trigger a look toward lower targets at 6125–6115.
**Fed Chair Powell will be speaking on Capitol Hill again today starting at 10:00 a.m. EST.
Futures are currently trading at 6156 at the time of this writing.
VPOC Update: A new VPOC was added below yesterday at 6050, and 6091—previously above price—is now below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6175 - 6185
Key Levels: 6146.75 POC
downside target is: 6125 - 6115
/NQ upside target is: 22,600 - 22,650
Key Level: 22,448.25 Prior High then 22,419 POC
downside target is : 22,250 - 22,200
/RTY upside target is: 2200 - 2210
downside target is: 2170 - 2160
Economic Data : Red Star Event
New Home Sales @ 10:00 AM ET
Jerome Powell Speaks @ 10:00 AM ET
EIA Petroleum Status Report @ 10:30 AM ET
More Color By : Rich Rickus
- /ES - Key Demand $6060 -6070 then below at $5960 and $5925 with Supply above at $6143-6170
Bullish : Sellers trapped above $6060looking to play a break and retest above $6070 long targeting $6120 then $6150
Bearish Buyers trapped below $59960 looking to play short after a break and retest below $5955 targeting $65926 then a break down into $5890s
- SPY Key demand at then at $603-604 with Supply above at $606-607
Bullish Sellers trapped above $603 looking to play a break and retest from $604 long targeting $606 then a breakout into high $606 new HOD
Bearish Buyers trapped below $603 after a break and retest below $604 targeting $603 then a breakdown into $601
- /NQ Key demand at $22200 then at $21500 with Supply above at $22380-22400
Bullish Sellers trapped above $22200 looking to play a break and retest above $22010w long targeting $22300 then a breakout back into low $22400
Bearish Buyers trapped below $21550 looking to play short from below $21500 targeting $21400 then $21200s
- QQQ Key Demand at $535-536 with Supply at $539-538
Bullish Sellers trapped above $535 looking to play a break and retest from $536 targeting $538 then a breakout into high $539.50
Bearish Buyers trapped below $535 looking to play a break and retest below $534 targeting $532 then $531
Have a great day and stay cool!
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