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Good morning and TGIF!
The NVDA gap continues to hold and that key level of 5066.50 that I mentioned yesterday was taken out with ease and value built much higher! This means that buyers and investors are still willing to put capital to work and pay and accept higher prices.
I'll keep it short and sweet! As opposed to yesterday, the profile pic is now very clear!!! Yesterday's strong push formed what are called "single prints". This happens when there is emotional buying or selling and it basically separates the day into two distinct days. There was also a "poor high" which basically needs to be repaired because the "auction" has not ended properly! It can but the odds don't favor it! Poor highs are formed when buyers just "tired out" up at the highs but that doesn't mean they are retreating...they just took a rest.
Anything above 5089.75 and the bulls remain firmly in control and the upper targets will be in play especially if/when that poor high is taken out. Any price action that breaks below 5088 could see more selling. Our job is to watch and see who gets or remains aggressive today heading into the weekend.
As far as untested points of control, yes you guessed it...we put in another one below at 4977.50 so we now have 17 untested points of control below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5125 - 5135
downside target is: 5095 - 5085
/NQ upside target is: 18,215 - 18,225
downside target is : 18,090 - 18,070
/RTY upside target is: 2018 - 2022
downside target is: 2009 - 2006
Economic Data: Very Light Today!
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
/ES - Key Demand zones at $5040-5050 then at $5020-5010
- Consolidating above Supply looking to flip to Demand at $5080
- I want to let sellers become trapped , buying dips above $5065 to play long
- I only want to play short if price break and holds below $5055 targeting $5035
SPY - Supply flipped to Demand at $$503-505 then below that at $500-449
- I will only look to play short if price can break and hold below $503
- Ideally I want to see sellers trapped above $502 on a break and retest long
- Break and retest $505 after a break out and pullback looking to play long
SPX - Supply flipped to Demand at $$5040-5050
- The only way I want to play short is if there is a sell off and hold below $5035
/NQ - Consolidating inside Supply at $18100- 18030 with Demand below at $17850-90
- Looking for a sell off to hold above yesterday's lows to play long on
- I would only want to play short if price can break and hold below $17850
QQQ - Consolidating inside Supply at $440-438 with Demand below at $433-35
- Sell off at the open looking to play long off a break and retest above $435
- Break and retest below $432 and I would like to play short if price is below VWAP
AMD Key Demand at $179- 180 then at $174-174
- Sell off holding above $179 off a break and retest looking to play long
- I would only look to play short if price beaks and holds below $172
AAPL - Gap up from yesterday at $183 pre market yesterday above demand at $182
- Break and rest at $182 ( holding above ) looking to play long
- Break and retest below $183 leaves more room to the downside
Have a great day and a fantastic weekend!
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