|
Good Monday morning!
The bounce off of the August 5th lows continues and we are still one time framing higher, which again means, each days low from that Monday August 5th low is higher than the preceding day. Higher highs and higher lows is the textbook definition of a trend and that trend is still up for now.
This tells us that the sharp sell off from Thursday August 1st to the Monday 8/5 low was a "one off" and buyers stepped back in aggressively, and as confirmation of this point, we have already retraced back 100% of that drop! Thursday August 1st high was 5566 and Friday's high (8/16) was 5562! Two and a half days down took ten trading days to recover! Quite impressive!
This morning futures are slightly higher on overnight inventory that is mixed. We are also inside of Friday's range so it is essentially a jump ball this morning at the opening bell. Economic data is very light today so use the profile pic and key levels as your guide today!!
If price can stay above 5567 then buyers will remain in control and look for prior highs over 5586.25 and then upper targets. If they lose that level, then look for prior days low @ 5547.50 then lower targets. If price does take out 5547.50 then one time framing is over and we could start to move lower. If not then bulls remain firmly in control.
VPOC Update: No new VPOC's added Friday. We still have 2 above @ 5611.25 and 5699.50 and 21 untested points of control below current prices. Closest one being 5468. You should mark these levels on your charts or at least make a note of them.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5595 - 5605
Key Levels: 5567 1/2 Back & Overnight Low
downside target is: 5540 - 5530
/NQ upside target is: 19,775 - 19,800
Key Level: 19,604 POC
downside target is : 19,525 - 19,475
/RTY upside target is: 2170 - 2180
downside target is: 2130 - 2125
Economic Data: Light Today
Leading Indicators @ 10:00 AM EST
More Color....... By Analyst Rich Rickus
/ES - Demand $5530-35then at $5470 with Supply at $5600
1. Buyers trapped below $5468 and holding below after a pullback looking to play SHORT targeting $5445 then $5438
2. Sellers trapped above $5530 looking to play long targeting $55485 then $5600
SPY - Demand that was previously Supply at $545 then $550 with Supply at $555
1. Buyers trapped below $550 after a break and retest from $551 looking to play short targeting $552 then $553
2. Sellers trapped above $549 looking to play long from a break and retest from $548 targeting $547 then $545
/NQ Key Demand at then at $19440 then at $19316 with Supply at $19755
1. Sellers trapped above $19527 looking to play long targeting 19750
2. Buyers are trapped below $19316 and holding , looking to play short
targeting $19250 then $19200
QQQ Key Demand at $464- $465 then at $471with Supply at $$476
1. Sellers trapped above $470 I want to play long off a break and retest
from$471 targeting $473 then $474
2. Buyers trapped below $470 after a break and retest below $469 looking to play short targeting $468 then $467
Also watching ...
NVDA Key Demand at $114-115 with Key Supply above at $126
1. Sellers trapped above $114 playing a break and retest from $115 LONG targeting $117 then $120
2. Buyers trapped below $126 and I will look to play short targeting $124 then $122
Have a great day!
| 
