|
Good Monday morning,
After a 700 point loss in the DOW Friday, it looked like the bulls got their clock cleaned and were down for the count! However, this morning, they've gotten up off the mat and are looking to fight back!
In the profile pic and key levels, you can see value clearly broke to the downside on Friday after renewed conflict in the Middle East, and it looked like the sellers were taking back control, however, price is higher this morning and back above two very key levels, the POC at 5980.25 and half back at 5998. As long as price can remain above 5998, then look for a retest of Friday's high and upper targets at 6025 - 6040. Further buying could see 6060 - 6075. Now if the sellers can take price back below 5998, then look for the POC at 5980.25 then lower targets at 5950 - 5940. At this time, price is well off of overnight lows, so the market seems to be less concerned about the conflict to start the day. Let's see where we close!
Futures are currently trading at 6017 at the time of this writing.
VPOC Update: 5970 was taken out below Friday, and another new VPOC was added above at 6042.50, and is definitely in play today. We now have 4 above and 22 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6025 - 6040
Key Levels: 5998 1/2 back then 5980.25 POC
downside target is: 5950 - 5940
/NQ upside target is: 21,860 - 21,900
Key Level: 21,750 POC
downside target is : 21,650 - 21,600
/RTY upside target is: 2115 - 2130
downside target is: 2090 - 2085
Economic Data :
Empire State Manufacturing Survey @ 8:30 AM EST
More Color By : Rich Rickus
Have a great trading day!
| 
