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Good Thursday morning,
Now that was wild!!! Enough to make anyone feel like they've just been smacked upside the head like our friend above! That kind of reversal does not happen very often, but when it does, people will get run over if they are not careful!
📊 In the profile pic and key levels below, futures are breaking out to new all-time highs, yes, again, after the bears started a strong liquidation break yesterday, taking out key levels at 6393.25 (which started to confirm a bearish tone). Sellers got aggressive during Fed Chair Powell's press conference as they left interest rates unchanged, and further rate cuts were pushed out yet again! Things were starting to look good for the sellers, however, buyers put their foot down and said "No way", as somebody obviously knew something! I say that because they started taking futures back up in a big way ahead of MSFT and META earnings releases. Now I stand by my call to be careful and lock in profits, but I am not privy to getting the numbers before such important large cap tech companies come out with their numbers, so there is no way I could have known this!
That being said, the edge is firmly back to the bulls as long as price stays above the prior high at 6,435. Upper targets are 6,480 - 6,490. If sellers do come back in, and longs also start to take profits, then look for a move back below prior high, for a move towards lower targets and POC at 6,420 - 6,410.
Futures are currently trading at 6,455 at the time of this writing.
🧭 VPOC Update: Yesterday, we took out another VPOC at 6,389.50, so we now are back to five below current price with none above.
Current VPOCs:
- 6,336.00
- 6,283.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,480 - 6,490
Key Levels: 6,435 Prior high then 6,418 POC
downside target is: 6,420 - 6,410
/NQ upside target is: 23,925 - 23,950
Key Level: 23,689 Prior High
downside target is : 23,675 - 23,650
/RTY upside target is: 2,250 - 2,255
downside target is: 2,210 - 2,200
Economic Data :
Jobless Claims @ 8:30 a.m EST
Employment Cost Index @ 8:30 a.m. EST
Chicago PMI @ 9:45 a.m. EST
EIA Natural Gas Report @10:30 a.m. EST
More Color By : Rich Rickus
Same range as yesterday I do not want to be Bearish above $6320
1. ES - Key Demand $6324- 6325 Supply above at $6475
Bullish : Sellers trapped above $6340 looking to play a break and retest above $6250 long targeting $6305 then $6330
Bearish Buyers trapped below 6350 looking to play short after a break and retest below $6235 targeting $6200 then a break down into $6285
2. SPY - Key demand at $626-625 with Supply above at $630
Bullish Sellers trapped above $626 looking to play a break and retest from $627 long targeting $629 then a breakout into high $630
Bearish Buyers trapped below $625 after a break and retest below $624 targeting $623 then a breakdown into $622
3. /NQ - Key demand at $23300 with Supply above at $26150
Bullish Sellers trapped above $23225 looking to play a break and retest above $23250 long targeting $23400 then a breakout back into low $23500’s
Bearish Buyers trapped below $23100 looking to play short from below $23100 targeting $22800
4. QQQ - Key Demand at $560 with Supply at $563 -564
Bullish Sellers trapped above $560 looking to play a break and retest from $561 targeting $563 then a breakout into high $564s
Bearish Buyers trapped below $559 looking to play a break and retest below targeting $557 then $556
Have a great day!
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