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Good Thursday morning!
I think saying the markets are like riding a roller coaster at the moment is an understatement! The ups and downs continue to be epic and we have more this morning with a large gap down after META and MSFT reported yesterday after the bell. Both are lower taking futures down with them and we have a large gap below prior day's range. One minute very bullish, the next very bearish, so the call continues to be either stay fluid or sit on your hands because this is not changing anytime soon!
I say that because we have AAPL and AMZN after the bell today and tomorrow morning, the important government jobs report, as well as ISM Manufacturing Index, and all of these data points will bring increased volatility!
Futures are sharply lower, and as you can see in the profile pic, we are below prior day's low and we are even below target zones, so this could be a true change in sentiment if the sellers keep up the pressure. If there is no fade higher then stick to the short side. However, if we do not take out the overnight low, which is currently @ 5801, then there could be a move higher (we use over the one minute high as an entry) and the target is prior day's low @ 5840. Futures are trading @ 5813 at the time of this writing.
VPOC Update: No new VPOC's were added yesterday so we still have 26 VPOC's below current price and none above.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5875 - 5885
Key Levels: 5840 Yesterday's low
downside target is: 5825 - 5815
/NQ upside target is: 20,715 - 20,735
Key Level: 20,474 Yesterday's low
downside target is : 20,350 - 20,310
/RTY upside target is: 2265 - 2270
downside target is: 2230 - 2220
Economic Data:
6-Month Bill Settlement
52-Week Bill Settlement
2-Yr FRN Note Settlement
2-Yr Note Settlement
5-Yr Note Settlement
5-Yr TIPS Settlement
7-Yr Note Settlement
20-Yr Bond Settlement
Challenger Job-Cut Report @ 7:30 AM ET
Jobless Claims @ 8:30 AM ET
Personal Income and Outlays @ 8:30 AM ET
Employment Cost Index @8:30 AM ET
Chicago PMI @9:45 AM ET
EIA Natural Gas Report @ 10:30 AM ET
Treasury Buyback Announcement @ 11:00 AM ET
3-Month Bill Announcement @ 11:00 AM ET
6-Month Bill Announcement @ 11:00 AM ET
4-Week Bill Auction @ 11:30 AM ET
8-Week Bill Auction @ 11:30 AM ET
Treasury Buyback Results @ 2:00 PM ET
Farm Prices @ 3:00 PM ET
Fed Balance Sheet @ 4:30 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand then above at $5840-50 with Supply above at $5900-80
Bearish
Buyers trapped below $5840 after a pullback below $5835 looking to play SHORT targeting $58010 then at $5790
Bullish
Sellers trapped above $5840 after a break and retest above $5855-50 playing LONG targeting $5880 then $5900
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SPY - Demand at $578 with Supply at $585-584
Bullish
Sellers trapped above $578 after a break and retest above $579 looking to play LONG targeting $581 then $582
Bearish
Buyers trapped below $578 after a retest from $577 where Demand would flip back to Supply targeting $576 then high $574s
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/NQ - Key Demand at $2450-400 with at Supply $20800-20788 HOD
Bullish
Sellers trapped above $20650 looking to play long after a pullback holds above $20680 targeting $20800
Bearish
Buyers trapped below $20400 and holding below $20375-90 looking to play short targeting $20300then $20375
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QQQ - Key Demand at $494 with Supply above at $500
Bullish
Sellers trapped above $495 looking to play long from a break and retest at $496 targeting $497 then $498
Bearish
Buyers trapped below $495 after a break and retest below $494 looking to play short targeting $493 then low $492s
Also watching …
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AMD Key Demand at $149 LOD bounce with Supply above at $153 -154
Bearish
Buyers trapped below $154 looking to play a Short after a pullback below $153 targeting $151 - 150
Bullish
Buyers trapped above $154 playing a break and retest from $155 looking to play Long targeting $156 then $158
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NVDA Key Demand $139-140 with Supply above at $144 HOD
Bearish
Sellers trapped below $139 after a break and retest from $138 looking to play short targeting $137 then $136
Bullish
Buyers trapped above $139 after a break and retest from $140 looking to play long targeting $142 then $143
Have a great day!
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