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Good morning.
Markets all closed lower yesterday however there was no real damage done as the bulls stepped in ONCE AGAIN to halt any and all selling operations. There was a sell off early in the session losing some key levels (4955) and yet there was a huge bounce right around 10:45 AM EST and markets raced to intraday highs by 2:45 PM EST. The never ending, very deliberate bid in this market remains fully intact.
That being said, I still feel like a real liquidation break is right around the corner, however as always, I do not know exactly when. When we see markets break and actually hold lower, then we might be onto something. Until then, just continue to play the game. Stay very fluid with price action, especially if you are playing the intraday game. Buy and hold investors have nothing to worry about at this time!!!
Like I said yesterday, there is not too much else to say at this point as the profile pic below tells it all. 4960-4955 or below could open the door to 4930, however, even at this point pre market, the futures are being bought up yet again. As evidence just how key that 4955 level is, the overnight lows sit right at 4954.50! If we take out overnight high (4971.50) then look for yesterdays high then 4980.50. Ultimately I still think the powers to be want that 5000 print on the tape....will make for such great headlines!!!
Futures are mixed this morning and overnight inventory is also mixed. We are opening inside of Monday's range so this basically makes it a coin toss type day. That being said, even if the markets just consolidate and chop around today, the edge still remains with the bulls!
There was a new VPOC added above us at 4980.25 and now we sit with one above and 15 untested points of control below.
/ES upside target is: 4995-5000
downside target is: 4960-4955
/NQ upside target is: 17,800-825
downside target is: 17,675-650
/RTY upside target is: 1955-1960
downside target is: 1940-1935
Economic Data Today: NO ECONOMIC DATA TODAY
However FED members Mester, Kashkari and Collins all speak today during market hours.
More Color.......
/ES - Key Supply above at $4990 - 5,000 with Demand at $4925-4935
- The only thing I want to to short is if rally fails to hold above $4981 on a break
and retest under $4955 or if Demand flips to Supply below $4925
- Ideally playing long off dips and pullback from $4950 or $4980 yesterday highs
SPY - Key Demand at $488-490 with Supply at $496-494
- First move I am looking for is a sell off into $490’s then a break and retest from
yesterday's low at $490.20 to play long.
- Sell off into Demand if price breaks below $390 I will wait to see how price reacts
at $489-88. Below that leaves room to the downside, I will look to play short.
- If price beaks above $494 and flips it to support from yesterday high I will look to
play long targeting a new HOD above $$496.05
SPX - Key Demand areas at $4920- 4930 and at $ 4900-10 with Supply at $4980-4970
- The only way I can look to play short is price holds below $4900
/NQ - Key demand at $17580 - 17548 and then at $17460 - 17500
- Consolidating overnight inside Key Supply with HOD at $17805- 17750
QQQ - Consolidating inside Supply at $430-428 - Key Demand is at 424-425 and $422
- Ideally I would like to play long off a break and retest from $425 long target $427
- All dips have been bought up above $420 so I can't play short if price is above
I am also watching …
AMD - Key Demand at $170-171 with a trendline below, looking to play long above.
META - Consolidating above key Demand at $449-452 - below that leaves potential
room to the down side where nearest Demand isn't until $387-390
TSLA - Key Supply area at $180-182 where buyers have been trapped
- I would like to play short off failed rallies to the upside below $181
Have a wonderful day.
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