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Good Tuesday morning,
Another win for the bulls yesterday as buyers came in right from the opening bell, and all top-line figures closed firmly in the green. We are now very close to the highs from October 10th, so this will be a key level to watch. Those key figures are: 6,762 in the S&P cash, and 6,806.50 in the ES futures. Do we break up and out, or hit a wall and roll back over?!?
📊 In the profile pic and key levels, futures are modestly higher, but within the prior day's range. Overnight trade has almost completely stayed within the Value Area (yellow shaded portion), so this range is important. The key starting levels will be the POC at 6,773.75, followed by the overnight low and value area low at 6,763.75, and the overnight high and prior day's high at 6,783. This is all we need to watch for today. Bulls have the advantage over 6773.75, and the bears would have the advantage below. Look for appropriate targets if/when the buying or selling is confirmed. Monitor for continuation, and if the trade keeps oscillating back and forth above and below the POC, then expect a range-bound, choppy trade, so scale back expectations.
Futures are currently trading at 6,775 at the time of this writing.
🧭 VPOC Update: Another new VPOC was added below yesterday at 6,707.00, so we now have 8 below with none above!
Current VPOCs:
- 6,707.00
- 6,562.25
- 6,529.00
- 6,502.50
- 6,450.00
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,805 - 6,815
Key Levels: 6,773.75 POC
downside target is: 6,745 - 6,735
/NQ upside target is: 25,445 - 25,470
Key Level: 25,318.50 POC
downside target is: 25,160 - 25,130
/RTY upside target is: 2,525 - 2,530
downside target is: 2,490 - 2,480
Economic Data: None
More Color By: Rich Rickus
1. ES - Key Demand $6700-6710 with Supply above at $6740
Bullish: Sellers trapped above $6700 looking to play a break and retest above $6705 long targeting $6750 then $6775
Bearish Buyers trapped below $6700 looking to play short after a break and retest below $6690, targeting $6670, a break down into $6640s
2. SPY Key demand at $667- 668 and with Supply above at $673
Bullish Sellers trapped above $667 looking to play a break and retest from $668 long targeting $669, then a breakout into the high $671
Bearish Buyers trapped below $667 after a break and retest below $666, targeting $664, then a breakdown into $663
3./NQ Key demand at $25149 with Supply above at $25394-25400
Bullish Sellers trapped above $25149 looking to play a break and retest above $25150 long targeting $25250 then a breakout back into low $25300’s
Bearish Buyers trapped below $25140 looking to play short from below $25130 targeting $24900 then $24850
4. QQQ Key Demand at $608 - 607 with Supply at $613
Bullish Sellers trapped above $607 looking to play a break and retest from $608 targeting $611, then a breakout into the high $613
Bearish Buyers trapped below $607, looking to play a break and retest below $606, targeting $604, then $602
5. MU - Key Demand at $204 with Supply above at $214, then $210
Bullish - Sellers trapped above $204 after a break and retest from $205, looking to play LONG targeting $208, then a breakout into $210s
Bearish - Buyers trapped below $204 after a break and retest from $203 to play short targeting $201, then breakdown into $199
NVDA - Key Demand at $180 with Supply above at $186-184
Bullish - Sellers trapped above $184 after a break and retest from $185 looking to play LONG targeting $187 then a breakout into $188s
Bearish - Buyers trapped below $182 after a break and retest from $181 to play short targeting $180 then breakdown into $178
AAPL - Key Demand at $257-258 with Supply above at $264
Bullish - Sellers trapped above $258 after a break and retest from $259, looking to play LONG targeting $262,, then a breakout into $264s new HOD
Bearish - Buyers trapped below $258 after a break and retest from $257 to play short targeting $255, then breakdown into $252
Have a great day!
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