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Good Thursday morning!
Another win for the bulls yesterday....again.....and futures just exploded on the CPI report, so new all time highs before the opening bell even rings. There seems to be no stopping this market so try not to fight it. Don't get complacent, however, which means trail your stops higher in your long positions. As long as there is no meaningful pullback in your particular holding, sit back and enjoy the ride.
As we pointed out yesterday in the key levels section, they held and buyers were strong enough to hit our upper targets and even surpass them by a huge margin. Today will all be about holding the gap and whether or not the overnight high gets taken out. So far as of this writing, the pre-market high is 5707.75 so keep an eye out for a re-test.
If it doesn't get hit then there could be a short below a one minute low looking for a first target of yesterdays high @ 5690.50. Any harder break into prior days range look for that key level of 5676.50. Then lower targets are listed below.
IF the buyers keep it out of yesterday's range (above 5690.50) then the uptrend continues and shorts continue to be in big trouble!
SNOW: Stopped out of SNOW as it broke $136 so flat the stock.
VPOC Update: Yes, we have added yet another new VPOC yesterday @ 5631.75 so we now have another new record of 26 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5695 - 5710
Key Level: 5676.50 Bottom of spike
downside target is: 5665 - 5660
/NQ upside target is: 20,965 - 20,995
Key Level: 20,860 - 20,853 Value Area High & Overnight low
downside target is : 20,795 - 20,775
RTY upside target is: 2084 - 2087
downside target is: 2052 - 2050
Economic Data:
CPI @ 8:30 AM EST
Jobless Claims @ 8:30 AM EST
Natural Gas Inventories @ 10:30 AM EST
Treasury Statement @ 2:00 PM EST
More Color.......
/ES - Key Demand at $5664-59 then below at $5629 25-5618/ Supply $5686-90
1. Sellers trapped above $5658 looking to play long targeting 5675 then
$5690
2. A breakdown below $5655 and holding below $5660 after a pullback, falling to reclaim above $5660 I will be looking to play short targeting
$5635
SPY - Supply flipped to Demand $556 then at 558.60-559 / Supply : $561-562
1. Sellers trapped above $556 after sell off : I will look to play long off a break
and retest from $555 targeting $559 then $561
2. A breakdown below $556 and holding after a pullback I will look to play short targeting $554 then $553
SPX Key Demand at $5590-85 then below that at $5550-5555
1. A breakdown below $5550 and holding below after retest I will look to play short targeting $5530
2. A bounce above $5550 I will look to play long targeting $5565 then new HOD
/NQ Demand at $20770-50 with Supply above at $20916-20900
1. Sellers trapped above 20750 looking to play long targeting $20785
2. I would only be interested short iif buyers are trapped below $20749 off a break and retest targeting $20680
QQQ Supply flipped to Demand at $499-98 with Supply above at $503 HOD
1. Sellers trapped above $498 looking to play long off a break and retest
targeting $499 then $500
2. Buyers trapped below $498 after looking to play short after a break and retest targeting new $496 then $495
AMZN Key Demand at $197-198 with Supply above at $201 HOD
1. Sellers trapped after a sell off above $196 looking to play long targeting $198 then $200.
2. Buyers trapped below $200 to reclaim new HOD with a breakdown below $199 looking to play short targeting $198 then $196.55
AAPL Key Demand at $229-230 with Supply above at $233-232
1. Sellers trapped above $229 looking to play long targeting new HOD
2. A breakdown below $228 and holding below $229 I will look to play short
Have a great day!
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