|
Good Tuesday morning,
Bulls held again yesterday, and are feeling pretty good about themselves, but I must warn you it wasn't the showing that gives me the warm and fuzzies! Price action was decent, but there were two concerning developments: first, a poor high occurred (circled in the profile pic below), and second, the developing POC (Point of Control) moved much lower into the close of the day. These two things tell me that we must be careful up here, and be on the lookout for a liquidation break at any point!!!
I AM NOT SAYING we will have a definite move lower today, however, with the wild overnight price action, and the two data points I just mentioned, we must stay fluid!
Price action in the S&P cash held over the key level we mentioned yesterday—5950—so the trend is still intact. It is now a day-by-day test to see if buyers remain engaged. I know people are looking for lower prices with everything that is going on (i.e., tariffs, riots, etc.); however, the market is taking it all in stride. Again, the question is: for how long?
In the profile pic and key levels below, you can see the very key levels and ranges to watch out for today. The first key level is 6013, which is half-back, and 6009 which is the POC. As long as price remains over those levels, the bulls are in control. If price can move outside of prior day range, over 6027.75, then look for upper targets. If sellers take price below 6009, then look for prior low and overnight low, then lower targets. .
Futures are currently trading at 6019 at the time of this writing.
VPOC Update: No new VPOC's were added or taken out yesterday, so we still have 4 above and 23 below. 6063.75 is the closest above, and 5970 is the closest below price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6040 - 6050
Key Levels: 6013 1/2 back and 6009 POC
downside target is: 5990 - 5980
/NQ upside target is: 21,920 - 21,960
Key Level: 21,850 POC
downside target is : 21,700 - 21,650
/RTY upside target is: 2165 - 2175
downside target is: 2140 - 2130
Economic Data : Very Very Light Day AGAIN
Treasury Buyback Announcement @ 11:00 AM ET
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @ 11:00 AM ET
6-Week Bill Auction
More Color By : Rich Rickus
-
/ES - Key Demand $5900-5905 with Supply above at $6025
Bullish : Sellers trapped above $5900 looking to play a break and retest above $5905 long targeting $6015 then $6028
Bearish Buyers trapped below $5900 looking to play short after a break and retest below $5890 targeting $5825 then a break down into $5700s
-
SPY - Key demand at then at $588-589 with Supply above at $600
Bullish Sellers trapped above $589 looking to play a break and retest from $590 long targeting $593 then a breakout mid high $595s
Bearish Buyers trapped below $589 after a break and retest below $588 targeting $587’s then a breakdown into $586’s
-
/NQ - Key demand at $21390 then at $21600 with Supply above at $21935-21900
Bullish Sellers trapped above $21600 looking to play a break and retest above $21645 long targeting $21700 then a breakout back into low $21800s
Bearish Buyers trapped below $21435 looking to play short from below $21390 targeting $21200 then $21100s
-
QQQ Key Demand at $521-522 with Supply at $533-534
Bullish Sellers trapped above $524 looking to play a break and retest from $525 targeting $526 then a breakout into low mid $528’s
Bearish Buyers trapped below $521 looking to play a break and retest short from $520 targeting $519 then $516
-
AMD - Key Demand at $112 with Supply above at $120
Bullish - Sellers trapped above $113 after a break and retest from $114 looking to play LONG targeting $116 then a breakout into $118s
Bearish - Buyers trapped below $112 after a break and retest from $111 to play short targeting $109 then breakdown into $107s
Have a great day!
| 
