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Good morning!
The markets exhibited some volatility yesterday however the buyers stepped in and looks like the short term selling is done again already! We have had several potential starts to more downside pressure but so far they have always been short lived and it seems the same thing is happening again. There are some decent looking shorts like ANF, AEO, COST and even NVDA has been down over $130 in the last two sessions but it seems the buyers are stepping in again. Basically the pic above says stormy, choppy seas ahead so just know that is what is going on right now and trade accordingly!!
Futures are higher this morning and overnight inventory is 100% net long at the time of this writing. CPI was just reported and futures ripped higher on the back of the number.
For today's game plan, a very key level to watch is between 5210 and 5192....this is the battle ground for now. Depending on who wins this territory, you can see upper and lower targets in the pic below!!!
VPOC update: There are now 20 untested points of control below current price and 5199 was above us but now with the gap higher it is below current price...again another new record and something I have never seen before!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5210-5220 (they 5230-5235)
Key Level: 5192 Prior High
downside target is: 5150-5140
/NQ upside target is: 18,330 - 18,350
Key Level: 18270
downside target is : 18,075 - 18,045
/RTY upside target is: 2118 - 2125
downside target is: 2070 - 2065
Economic Data:
CPI @ 8:30 AM EST
More Color.......
NVDA - Must stay below $882 for bears to have a chance!
META - Decent liquidation break but will it continue? Below $495 is good for bears.
AAPL- Still Bearish! Still in the "mercy" bounce stage.
AMZN - Short looks good....below $174 is key.
ANF, AEO and COST looking for more downside action!
/ES - Supply flipped to Demand at $5190-5200 with HOD Supply at $5208
- As long as price holds above $5185 I want to play long, below I’ll look short
SPY - Demand at $508-509 with Supply at $513-514 then at $517-518
- Buyers at the open ( first hour ) break and hold above $513 playing a break and
retest long from $515 targeting $516 first then $518
- Sellers at the open ( first hour) pushing price below $512 holding below $513 on after a pullback looking to play short
SPX - Key Demand at $5090-5100 with Supply above at $5130- 5120
- Buyers at the open breakout above $5135 I will look to play long off a break and retest at $5130 where supply flips to Demand. If price can break below $5090 I will look to play short targeting $5080 first then $5065
/NQ - Key Demand at $18250- 75 with Supply at $ 18375- 18440
- I would only like to play short if price can break below $18200
QQQ - Consolidating inside previous Supply at $440-438 with Supply above at $443
- If price break above $440 into $441 and holds after a pullback I will play long
- I would only be looking to play short below $437 where price holds as resistance.
AMD - Key Demand at $196-198 with Supply at $202-204 then at $208-210
TSLA - Key Demand at $172- 174 with Supply above at $183 -181
As ALWAYS, have your stops in place!!!
Have a great day!
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