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Good Thursday morning!!
Yesterday there was huge strength in the NASDAQ & NDX as they both hit new all time highs, however, there was a late day sell off and even AAPL sold off sharply from its all time high on Wednesday. This tells me that yesterday could have been a one last gasp to entice buyers into the markets, and at the same time, squeeze the shorts out of their positions. In other words, the short term top might finally be in!
In the target levels and profile pic below, please pay attention as the key line in the sand today is the overnight high and 1/2 back from yesterday @ 6088. Any price action that stays below that level is more bearish so look for continuation to lower targets. If buyers can push price back above 6088, then look for a test of the POC @ 6096 then the poor high and upper targets. Futures are trading @ 6077 at the time of this writing.
VPOC Update: A new VPOC was added yesterday @ 6063.25 so we now are back to 30 below current price with none above however that may change today.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6100 - 6110
Key Levels: 6088 Overnight high & 1/2 back then 6096 POC
downside target is: 6070 - 6060
/NQ upside target is: 21,900 - 21,920
Key Level: 21,697 1/2 back then 21,740 Single Prints
downside target is : 21,625 - 21,610
/RTY upside target is: 2415 - 2425
downside target is: 2390 - 2380
Economic Data: *RED STAR EVENT
3-Month Bill Settlement
6-Month Bill Settlement
Jobless Claims @ 8:30 AM ET
PPI-Final Demand @ 8:30 AM ET
Quarterly Services Survey @ 10:00 AM ET
EIA Natural Gas Report @ 10:30 AM ET
3-Month Bill Announcement @ 11:00 AM ET
6-Month Bill Announcement @ 11:00 AM ET
5-Yr TIPS Announcement @ 11:00 AM ET
20-Yr Bond Announcement @ 11:00 AM ET
4-Week Bill Auction @ 11:30 AM ET
8-Week Bill Auction @ 11:30 AM ET
30-Yr Bond Auction @ 1:00 PM ET
Fed Balance Sheet @ 4:30 PM ET
More Color....... By Analyst Rich Rickus
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/ES - KEY DEMAND $6040-50 Supply at with Supply at $60105- 60110
Bearish
Buyers trapped below $6050 after a pullback below $6040-45 looking to play SHORT targeting $6030 then $6015
Bullish
Sellers trapped above 6050 after a break and retest above $6055 playing LONG targeting $6080 then new HOD
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SPY - Supply flipped to Demand at Supply $606 with new supply $609
Bullish
Sellers trapped above $606 after a break and retest above $607 looking to play LONG targeting high $608 then low $609
Bearish
Buyers trapped below $606 after a retest from $605 targeting $603then breakdown into $602
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/NQ - Key Demand at $21660-700 with Supply at $21800
Bullish
Sellers trapped above $21660-700 looking to play long after a pullback holds above $21700 targeting $21800
Bearish
Buyers trapped below $21660-700 looking to play long after a pullback holds below $21650 targeting $21550 then $21500
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QQQ - Key Demand at $527-528 with Supply above at $530
Bullish
Sellers trapped above $527 looking to play long from a break and retest at $528 targeting high $529 then a breakout into $530
Bearish
Buyers trapped below $526 after a break and retest below $525 looking to play short targeting $523 then mid high $521
Also watching
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TSLA Supply flipped to Demand at $397 then at $388-390 with Supply at $409
Bearish
Buyers trapped below $397 after a break and retest from $396 looking to play SHORT TARGETING $ $394 then $392
Bullish
Sellers trapped above $397 after a break and retest from $398 looking to play long targeting $401 then $404
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AMD Key Demand flipped to Supply at LOD $131 -132 with key Demand below at $126-127
Bullish
Sellers trapped above $137 after a break and retest from $138 looking to play long targeting $139 then $141s
Bearish
Buyers trapped below $136 after a break and retest from $135 looking to play SHORT TARGETING $133 then $132
Have a great day!
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