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Good Thursday morning!!
New all time highs again as the rocket ship market has now made it's 56th record so far this year! Now this is not unique as there have been other bull markets in the past, but just to put things in perspective, only 5 times since 1929 has there been more than 50 record setting days in any given year. Quite impressive!
As we have been saying for some time, the trend continues to be higher but stay alert for a strong liquidation break as this could come at any time. No one knows for sure when this will happen so just stay alert and keep an eye on the key levels for breaks lower! Reason is because any bull or bear market has to start somewhere, and watching key levels day by day will give you the heads up that things might be changing. The call is still bullish but the key levels and targets below will give you the confidence to either stay long or sell and look to go short.
For today, as you can see in the target levels and profile pic below, futures are very balanced and in a relatively tight range. We are inside of prior day but any loss of 6090 then 6087 could see more traders start rushing to the exits! No one wants to the be the person left standing when the musical chairs stops so we are walking on eggshells now at this point in time! Again I am NOT saying I know for sure today is the day for lower, but the more we keep floating higher and higher, the greater the odds traders and investors start booking profits.
Now that being said, if 6090-6087 never gets taken out, then the market could just sit and spin up here and may even move towards upper targets to new all time highs again! Why sell when it feels so good to stay long and just keep watching price go higher and higher?!?! lol Futures are trading @ 6096 at the time of this writing.
VPOC Update: Yes because of the large gap higher yesterday, price never got back down to the POC @ 6062.50 so we have added a new VPOC there so we now have 30 below current price. A new record.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6105 - 6115
Key Levels: 6090 then POC @ 6087
downside target is: 6080 - 6070
/NQ upside target is: 21,600 - 21,625
Key Level: 21,485 POC and Overnight low
downside target is : 21,475 - 21,450
/RTY upside target is: 2440 - 2450
downside target is: 2420 - 2410
Economic Data:
3-Month Bill Settlement
6-Month Bill Settlement
Challenger Job-Cut Report @ 7:30 AM ET
International Trade in Goods and Services@ 8:30 AM ET
Jobless Claims @ 8:30 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
3-Yr Note Announcement @ 11:00 AM ET
10-Yr Note Announcement @ 11:00 AM ET
30-Yr Bond Announcement @ 11:00 AM ET
Thomas Barkin Speaks @ 11:30 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
Fed Balance Sheet @ 4:30 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand previous $6060-70 Supply at with Supply at $6090
As long as price remains above $6060 I want to be playing LONG
Bearish
Buyers trapped below $6060 after a pullback below $6050 looking to play SHORT targeting $6030 then $6015
Bullish
Sellers trapped above $6070 after a break and retest above $6075 playing LONG targeting $6085 then new HOD
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SPY - Supply flipped to Demand at $603-604 with Supply $606-607
Bullish
Sellers trapped above $603.55 after a break and retest above $604 looking to play LONG targeting high $605 then low $606
Bearish
Buyers trapped below $603 after a retest from $602 targeting $600 then $598
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/NQ - Key Demand at $21385-80 then below at $21305 that at with Supply at $21500
Bullish
Sellers trapped above $21300 looking to play long after a pullback holds above $21305 targeting $21400 then $21440
Bearish
Buyers trapped below $21305 and holding below $21300 looking to play short targeting $21140
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QQQ - Key Demand at $516-517 that was previous Supply then Supply above at $522 HOD
Bullish
Sellers trapped above $516 looking to play long from a break and retest at $517 targeting high $518 then a breakout into $519
Bearish
Buyers trapped below $516 after a break and retest below $515 looking to play short targeting $513 then mid high $512
Also Watching
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TSLA Supply flipped to Demand at $348-350 with Supply at $358-360
Bearish
Buyers trapped below $348 after a break and retest from $347 looking to play SHORT TARGETING $ $345 then new $343
Bullish
Sellers trapped above $348 after a break and retest from $349 looking to play long targeting $352 then $355
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AMZN Key Supply flipped to Demand at $ 216 with Supply above at $220
Bullish
Sellers trapped above $216 after a break and retest from $217 playing long targeting high $218s then $220 new HOD
Bearish
Buyers trapped below $216 after a break and retest from $215 playing short targeting $214 then $212
Have a great day!
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