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Good Tuesday morning,
After a fairly decent gap higher yesterday, the bears were spared as futures drifted lower most of the session. A new VPOC was added below at 6,595.75, and value built higher, although the markets closed well off their intraday highs. Today will be a bit of a jump ball, or a roll of the dice, if you will. So, expect volatility and back-and-forth trading. We are in a very large balance area now, so anything goes!
📊 In the profile pic and key levels below, futures are lower, and the key levels are very evident. If price can stay above 6,696.25, then the edge remains with the buyers and look for the POC and upper targets.
If sellers push price lower and take out prior low and the new VPOC at 6595.75, then look for more liquidation to lower targets. Keep it simple today with these key levels!
Futures are currently trading at 6,700 at the time of this writing.
🧭 VPOC Update: A new VPOC was added below at 6,595.75, so we are now back to 9 below and none above!
Current VPOCs:
- 6,595.75
- 6,571.75
- 6,509.25
- 6,506.25
- 6,450.50
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,730 - 6,740
Key Levels: 6,696.25 Prior Low
downside target is: 6,670 - 6,655
/NQ upside target is: 24,940 - 24,970
Key Level: 24,800 Top of spike & VAL
downside target is: 24,650 - 24,625
/RTY upside target is: 2,460 - 2,470
downside target is: 2,420 - 2,410
Economic Data: Very Busy Day
Case-Shiller Home Price Index @ 9:00 AM ET
Susan Collins Speaks @ 9:00 AM ET
FHFA House Price Index @ 9:00 AM ET
Chicago PMI @ 9:45 AM ET
Consumer Confidence @ 10:00 AM ET
JOLTS @ 10:00 AM ET
Treasury Buyback Announcement (Preliminary) @ 11:00 AM ET
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @ 11:00 AM ET
6-Week Bill Auction @ 11:30 AM ET
Farm Prices @ 3:00 PM ET
Lorie Logan Speaks @ 7:10 PM ET
More Color By: Rich Rickus
1. /ES - Key Demand $6685 Supply above at $6756
Bullish : Sellers trapped above $6685 looking to play a break and retest above $6690 long targeting $6720 then $6740
Bearish Buyers trapped below $6680 looking to play short after a break and retest below $6675 targeting $6658 a break down into $6595
2. SPY Key demand at $559-660 with Supply above at $666
Bullish Sellers trapped above $659 looking to play a break and retest from $600 long targeting $663 then a breakout into high $664
Bearish Buyers trapped below $659 after a break and retest below $658 targeting $656 then a breakdown into $654
3. /NQ Key demand at $24760 with Supply above at $24930-50
Bullish Sellers trapped above $24775 looking to play a break and retest above $24780 long targeting $24820 then a breakout back into low $24850s
Bearish Buyers trapped below $24750 looking to play short from below $24700 targeting $24500 then $24450
4. QQQ Key Demand at $597-596 with Supply at $692-593
Bullish Sellers trapped above $595 looking to play a break and retest from $596 targeting $599 then a breakout into high $601
Bearish Buyers trapped below $594 looking to play a break and retest below $593 targeting $591 then $590
5. AAPL - Key Demand at $251 with Supply above at $258 260
Bullish - Sellers trapped above $251 after a break and retest from $252 looking to play LONG targeting $254 then a breakout into $256s
Bearish - Buyers trapped below $251 after a break and retest from $250 to play short targeting $249 then breakdown into $248s
6. TSLA - Key Demand at $437-438 with Supply above at 451-450
Bullish - Sellers trapped above $438 after a break and retest from $439 looking to play LONG targeting $345 then a breakout into $346
Bearish - Buyers trapped below $437 after a break and retest from $436 to play short targeting $432 then breakdown into $429
Have a great day!
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