Morning Color

September 4, 2025

Good Thursday morning,

The picture above is for the shorts, by the way! They are absolutely going nuts, and can't figure out why this market just won't go down and stay down! After the large gap down on Tuesday, they were a happy group, however, as discussed yesterday, buyers came back in and took the price right back up. Value also built higher yesterday, so the bulls are still in control. That being said, it hasn't been easy (or pretty) for the longs either as sharp liquidation breaks seem to happen out of nowhere. As I've said before: trust nothing - machines and bots rule the price action!

📊 In the profile pic and key levels below, futures are trading very close to yesterday's high at 6,464.25, and this is the first key level for today. If buyers can push price above this level, then we could be looking for a retest of the overnight high at 6,474 and the VPOC from Friday at 6,470.50. If those prices get taken out, then look for more buying to upper targets at 6,495 - 6,505. Price between 6,464.25 and the POC at 6,450 is absolute neutral territory so expect responsive trade. Any loss of the POC with tempo and momentum opens the door to more downside and lower targets at 6,445 - 6,435.

Futures are currently trading at 6,464 at the time of this writing.

🧭 VPOC Update: No new VPOC's were added or taken out yesterday, however, 6,470.50 could be in play today. It was already hit in the overnight session, but it counts as getting taken out during regular trading hours only! We still have one above and four below the current price.

Current VPOCs: (BOLD is above current price)