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Good Tuesday morning!
Upper targets were hit yesterday, however, there was a decent pullback which now puts us in a quandary as to which way the market goes from here. I say that because we are right in the middle of a large 12 day balance area in the S&P, so it is really a coin toss once the opening bell rings this morning! There is also still a gap below yesterday's low and Friday's high so that will definitely be a target if the sellers come into the market today. The gap fill is to 5997 IF sellers enter the market.
Right now futures are higher on overnight inventory that is mixed and we are also very close to 1/2 back from yesterday. Yet another tell that suggests a tug of war between the buyers and sellers. Keep an eye on the target levels and profile pic below!
Please take a close look at the profile pic where you will see some key lines in the sand for today. They are 1/2 back @ 6036, the overnight high @ 6035, and the POC @ 6022.50. If the buyers can keep things propped up above those levels then look for upper targets. If sellers take out 6022.50, then look for Value Area Low and overnight low @ 6009, then lower targets. Futures are trading @ 6035 at the time of this writing.
VPOC Update: Yes another new VPOC was added yesterday @ 5987.50 so two new VPOC's below in two trading days!
Price did take out one above yesterday @ 6027.25 so now we only have 4 above and back to 28 below current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6055 - 6065
Key Levels: 6022.50 POC then 6036 1/2 Back
downside target is: 5990 - 5980
/NQ upside target is: 21,900 - 21,925
Key Level: 21,773 1/2 Back
downside target is : 21,600 - 21,560
/RTY upside target is: 2300 - 2310
downside target is: 2265 - 2260
Economic Data: Light DAY
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
Thomas Barkin Speaks @ 8:00 AM ET
International Trade in Goods and Services @ 8:30 AM ET
ISM Services Index @ 10:00 AM ET
JOLTS @ 10:00 AM ET
Treasury Buyback Announcement @ 11:00 AM ET
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @ 11:00 AM ET
10-Yr Note Auction @ 1:00 PM ET
30-Yr Bond Auction @ 1:00 PM ET
Treasury Buyback Results @ 2:00 PM ET
More Color....... By Analyst Rich Rickus
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ES - Key Demand at $5977-75 with Supply at $6060-68
Bearish
Buyers trapped below $5975 after a pullback below $5970 looking to play SHORT targeting $5910 then $5875
Bullish
Sellers trapped above $5980 after a break and retest above playing LONG targeting $6020 then $6060
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SPY - Demand at $591 with Supply at $598-599
Bullish
Sellers trapped above $591 after a break and retest from $592 targeting $594 then $595
Bearish
Buyers trapped below $591 after a retest from $590 targeting $589 then breakdown into $588
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/NQ - Key Demand at $21630 with Supply above at $21896-21900
Bullish
Sellers trapped above $21630 looking to play long after a pullback holds above $21650-55 targeting $21700 then $21800
Bearish
Buyers trapped below $21620 looking to play SHORT after a pullback holds below $21600 targeting $21500 then $21425
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QQQ - Key Demand at $521 with Supply above at $525-526
Bullish
Sellers trapped above $521 looking to play long from a break and retest at $522 targeting high $523s then a breakout into $525s
Bearish
Buyers trapped below $521 after a break and retest below $520 looking to play short targeting $519 then mid high $518s
Also watching ...
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PLTR Demand at $74-75 with Supply at $80-79
Bearish
Buyers trapped below $75 after a break and retest from $74 looking to play SHORT TARGETING $72s then $71
Bullish
Sellers trapped above $75 after a break and retest from $76 looking to play long targeting $78 then $80
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AAPL Demand at $242-243 with old supply above at $248
Bearish
- Sellers trapped below $248 after a break and retest below $247 playing SHORT targeting
$245 then breakdown into $244s
Bullish
- Buyers trapped above $248 after a break and retest above $249 playing LONG targeting $251 then $252
Have a great day!
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