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Good Thursday morning,
That was a vicious attack by the bears yesterday; however, the bounce shook their confidence a bit, as futures rallied off the 11:00 a.m. EST lows and basically didn't stop until the bell rang to close the day. Fortunately for them, sellers have re-engaged this morning, and futures are off across the board. Price is now below key data points, so let's get into the important levels to watch today.
📊 In the profile pic and key levels, futures are below the POC at 6,414 and also yesterday's half-back at 6,396. Any price that stays below this range will give the edge to the bears, so look for further liquidation. A loss of the overnight low and VAL (Value Area Low) at 6,386 would then open up lower targets at 6,360 - 6,350. Further selling could see 6,335, then 6,305. Now if buyers take out 6,396, then take out the POC at 6,414, then look for a further short squeeze to upper targets at 6,420 - 6,430.
Futures are currently trading at 6,388 at the time of this writing.
🧭 VPOC Update: A VPOC was taken out yesterday at 6,367.50, and a new one was added above at 6,432.75. We now have one above and four below the current price.
Current VPOCs: (BOLD is above current price)
- 6,432.75
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,420 - 6,430
Key Levels: 6,396 1/2 Back then 6,386 VAL & ONL
downside target is: 6,.360 - 6,350
/NQ upside target is: 23,375 - 23,400
Key Level: 23,233 1/2 Back
downside target is : 23,125 - 23,100
/RTY upside target is: 2,275 - 2,280
downside target is: 2,245 - 2,235
Economic Data : RED STAR EVENTS
Jobless Claims @ 8:30 a.m EST
Philly Fed Manufacturing Index @ 8:30 a.m EST
PMI Composite Flash @ 9:45 a.m EST
Existing Home Sales @ 10:00 a.m EST
Leading Indicators @ 10:00 a.m EST
Natural Gas Inventories @ 10:30 p.m EST
More Color By : Rich Rickus
1. /ES - Key Demand $6350 Supply above at $6485
Bullish : Sellers trapped above $6350 looking to play a break and retest above $6355 long targeting $6415 then $6430
Bearish Buyers trapped below $6350 looking to play short after a break and retest below $6340 targeting $6315 then a break down into $6300
2. SPY Key demand at $634-635 with Supply above at $640
Bullish Sellers trapped above $640 looking to play a break and retest from $641 long targeting $643 then a breakout into high $645
Bearish Buyers trapped below $635 after a break and retest below $634targeting $632 then a breakdown into $631
3./NQ Key demand at $23300 with Supply above at $23700
Bullish Sellers trapped above $23700 looking to play a break and retest above $23724 long targeting $23850 then a breakout back into low $24100
Bearish Buyers trapped below $23300 looking to play short from below $2375 targeting $23100
4. QQQ Key Demand at $560/561 with Supply at $569-570
Bullish Sellers trapped above $570 looking to play a break and retest from $571 targeting $573 then a breakout into high $575
Bearish Buyers trapped below $568 looking to play a break and retest below targeting $565 then $564
Have a great day!
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