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Good Tuesday morning,
Markets somehow rebounded yesterday after a big down day on Friday, caused by turmoil in the Middle East, and are rolling over again in the overnight session. So, what's it gonna be—up, down, or sideways?
Well, my crystal ball is broken at the moment, so we must stay fluid—now more than ever! This yo-yo market is enough to make anyone's head spin, bulls or bears, it doesn't matter! And with the FED meeting starting today, and their interest rate decision tomorrow @ 2:00 p.m. EST, expect even more volatility ahead!
In the profile pic and key levels below, there was a sharp liquidation break in the overnight session, and that put price below a very key level at 6080. Yesterday we had a straight-up move from the open, and in the overnight session, we had the complete opposite, straight-down move, so this certainly puts today's direction in serious question. I don't know what strings will be pulled once the opening bell rings, however, I do know if buyers take out 6080, then I will be biased more to the long side, and target the POC at 6091 first, then upper targets at 6115-6125.
Now, if the sellers keep price below 6080, then I will bias more to the downside, and look for the overnight low to re-test, and then lower targets at 6045-6035, which is also very close to the new VPOC added yesterday at 6032.75! Any further selling could see 6000-5980!
N.B. Yesterday was contract rollover, so we are switching from the M25 contract (June) to the U25 contract (September).
Futures are currently trading at 6065 at the time of this writing.
VPOC Update: 6032.75 is a new VPOC added yesterday below, and is definitely in play today. We now have 3 above and 21 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6115 - 6125
Key Levels: 6080 Top of Spike then 6091 POC
downside target is: 6045 - 6035 then 6000 - 5980
/NQ upside target is: 22,200 - 22,250
Key Level: 22,118 1/2 Back then 22,137 Top of Spike
downside target is : 21,900 - 21,850
/RTY upside target is: 2160 - 2170
downside target is: 2120 - 2110
Economic Data : BUSY DAY Today Red / Green Star Events
FOMC Meeting Begins
Retail Sales @ 8:30 AM ET
Import and Export Prices @ 8:30 AM ET
Industrial Production @ 9:15 AM ET
Business Inventories @ 10:00 AM ET
Housing Market Index @ 10:00 AM ET
Treasury Buyback Announcement @ 11:00 AM ET
More Color By : Rich Rickus
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/ES - Key Demand $5900-5905 with Supply above at $6075
Bullish : Sellers trapped above $5975 looking to play a break and retest above $5980 long targeting $6021 then $6075
Bearish Buyers trapped below $5900 looking to play short after a break and retest below $5890 targeting $5825 then a break down into $5700s
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SPY Key demand at then at $595 then $590-591 with Supply above at $600-602
Bullish Sellers trapped above $602 looking to play a break and retest from $603 long targeting $605 then a breakout mid high $607
Bearish Buyers trapped below $595 after a break and retest below $594 targeting $591 then a breakdown into $589
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/NQ Key demand at $21700 then at $21300-400 with Supply above at $22000 then at $22106
Bullish Sellers trapped above $22000 looking to play a break and retest above $22050 long targeting $2300 then a breakout back into low $22400
Bearish Buyers trapped below $21435 looking to play short from below $21390 targeting $21200 then $21100s
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QQQ Key Demand at $521-522 then at $524 with Supply at $533-534
Bullish Sellers trapped above $524 looking to play a break and retest from $525 targeting $526 then a breakout into low mid $528’s
Bearish Buyers trapped below $521 looking to play a break and retest short from $520 targeting $519 then $516
Have a great trading day!
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