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Good Friday morning!
Yesterday the S&P lost that key level of 5595 and NDX lost the key level of 20,000 so sellers have definitely stepped up their operations. There is still strength in energy, consumer staples and financials however even they are looking toppy! Lower short term targets have been hit the past few days so we could be in for a short term oversold bounce.
Futures are mixed and overnight inventory is mixed as well so it could be a choppy, balance day as the market digests what has happened over the past few days. The S&P has dropped almost 150 points from its all time highs and the NDX has shed almost 1,000 points in the last 6 trading days.
Please check out the key levels and profile pic below. Any price above 5594.25 is a slight edge for the bulls and any price action above 5616 could bring in more short covering and then look for upper targets. Back below 5594.25 would target yesterday's low and overnight low then possibly 5565-5550. I am expecting more sideways responsive trade today so stay frosty. It is also options expiration today so things get more volatile on these days. Very light economic data today.
VPOC Update: We actually took out a VPOC below and it has literally been weeks since this has happened before...so 5624.25 was hit and now gone. We still have 5699.50 above and now 24 VPOC's below current price levels!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5635 - 5645
Key Level: 5594 POC & Settlement
downside target is: 5565 - 5550
/NQ upside target is: 20,130 - 20,145
Key Level: 19,955 VAH & 1/2 Back
downside target is : 19,695 - 19,675
/RTY upside target is: 2250 - 2255
downside target is: 2185 - 2180
Economic Data: VERY LIGHT TODAY
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
7/19/24
/ES - Demand $5570 - 5580 with Supply $5610- 5620 then at $5672 -61
1. Buyers trapped below $561and holding below after a pullback will be
looking to play short targeting $5650 then $5638
2. Sellers trapped above $5672 where Supply flips back to Demand looking to play long targeting $5710
SPY - Demand at $550-551 with Supply at $555 - 556 then at $560-61
1. Buyers trapped below $556 after a break and retest from $555 playing short targeting $553 then $551
2. Sellers trapped above $556 looking to play long from a break and retest from $557 targeting $559
SPX Demand at $5507-5517 Key Supply at $5680 then at 5622
1. A breakdown below $5622 and holding below after retest I will look to play short targeting $5600 then $5560
2. A bounce above $5581 and reclaim support I will look to play long
targeting $5620 then $5635
/NQ Key Demand at $19725 - 58 with Supply above at 20155-85
1. Sellers trapped above $20155 after Supply flips back to Demand looking to play long targeting $20200
2. Buyers are trapped below $20150 off a break and retest targeting $20100
QQQ Demand at $476 -477 with Supply above at $480 then $486-487
1. Sellers trapped above $481 looking to play long off a break and retest
from $480 targeting $483 then $485
2. Buyers trapped below $480 after a break and retest from $479 looking to play short targeting $477 then $475
AMD Key Demand at $157-159 with Supply above at $163-164
1. Sellers trapped above $157 looking to play long targeting $160 then $164
2. A breakdown below $165 and holding below I will look to play short off a break and retest from $164 targeting $161 then $159
NVDA Key Demand at $112-114 with Supply above at $121-122
1. Sellers tapped above $122 looking to play long targeting $126 then $128
2. A breakdown below $120 and holding I will look short after a break and retest from $119 targeting $117 then $115
Have a great day and a fantastic weekend!
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