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Good Tuesday morning!!
Yesterday there was some early buying, but right around 12 Noon EST, sellers came back in took prices back down, and now on top of that, the overnight players have resumed their operations as well pushing futures lower. As mentioned yesterday....
"Massive selling took the entire move higher after the election night right back down, and now it's just a matter of time before the gap fills back to the November 5th highs. They sit at 5783 in the SPX and 5822 in the ES futures."
These targets are still in play in the near term!
Yesterday turned into what is called a "balance day" where price is digested in the prior days range, that day being Friday. From the drop last Thursday, and of course Friday's large move down, lower is still the current trend because yesterday, as mentioned, stayed inside of Friday's range. This is called acceptance. If buyers were stronger then price would have moved back towards Friday's high and into the gap but it fell far short!
In the target levels and profile pic below, price is already at lower targets and we have a true gap below Monday's range. Overnight inventory is mixed so we may or may not have a fade higher to balance out the inventory. If overnight inventory was close to 100% net short, then the odds would be higher for a move back up but that is not the case this morning. Longs are still trapped way above and as we mentioned the other day, old business and new business continue to sell together! Trend remains down and look for the above mentioned gap fills! Futures are trading @ 5862 at the time of this writing.
VPOC Update: No new VPOC added yesterday. We have two above current price @ 6004 and @ 5957.25. and 28 below where current price is trading. Closest one below is @ 5801.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5940 - 5950
Key Levels: 5981 yesterday's low 5906 top of spike
downside target is: 5880 - 5870 then 5854 then 5835
/NQ upside target is: 20,800 - 20,825
Key Level: 20,501 yesterday's low
downside target is : 20,525 - 20,500
/RTY upside target is: 2340 - 2345
downside target is: 2295 - 2285
Economic Data:
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
Housing Starts and Permits @ 8:30 AM ET
E-Commerce Retail Sales @ 10:00 AM ET
Treasury Buyback Announcement (Preliminary) @11:00 AM ET
4-Week Bill Announcement
More Color....... By Analyst Rich Rickus
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/ES - Demand at $5870-85 with Supply above at $5940–55 then above at $5985-6000
Bearish
Buyers trapped below $5940 after a pullback below $5935-30 looking to play SHORT targeting $5915 then $5890
Bullish
Sellers trapped above $5955 after a break and retest above $5960-65 playing LONG targeting $5988 then $6005.
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SPY - Demand at $583-584 with Supply at $591-590 then above that at $594-595
Bullish
Sellers trapped above $591 after a break and retest above $592 looking to play LONG targeting $593 then high $594
Bearish
Buyers trapped below $591 after a retest from $590 targeting $588 then $587
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/NQ - Key Demand at $20400-450 with Supply $20800-55
Bullish
Sellers trapped above $20800 looking to play long after a pullback holds above targeting $20900 then $20980
Bearish
Buyers trapped below $20800 and holding below $20775 looking to play short targeting $20650 then $20575
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QQQ - Key Demand at $497 GAP with Supply above at $505-507
Bullish
Sellers trapped above $506 looking to play long from a break and retest at $507 targeting $509 then $510
Bearish
Buyers trapped below $506 after a break and retest below $505 looking to play short targeting $504 then low $503’s
Also watching …
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TSLA Supply flipped to Demand at $322-323 then $334 with Supply at $350-348
Bearish
Buyers trapped below $323 after a break and retest from $322 looking to play SHORT TARGETING $ $321 then new $319
Bullish
Sellers trapped above $335 after a break and retest from $336 looking to play long targeting $338 then $340
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AMD Key Demand at $139 GAp UP with Supply above at $141
Bearish
Buyers trapped below $139 looking to play a Short after a pullback below targeting $138 then new LOD
Bullish
Buyers trapped above $139 playing a break and retest from $140 looking t0 play Long targeting $141 then $143
Have a great day!
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