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Good Wednesday morning!
Markets rallied yesterday and filled the gap as mentioned @ 5445 and S&P closed well above our 5400 target. The bulls are still in control from the August 5th lows and the market is still one time framing higher. This morning, things got a bit volatile as the CPI inflation data was just released and futures ripped then fell hard, but we are still within prior days range. It will all be about the levels listed below!
As of this writing, the futures have basically gone back to flat and the profile pic and key levels below will be your guide. Any price action that gets and stays below 5451 could see more downside towards 1/2 back @ 5430 then possibly 5420-5410.
If price can get back above 5462 which is basically yesterday's high and the overnight high, then we will be looking for our upper targets of 5480-5490. Anything between 5451-5462 is a draw or balance between buyers and sellers! The only thing left on the economic calendar is crude inventories at 10:30 AM EST.
VPOC Update: Another new VPOC added below yesterday @ 5367 and 5418.25, which we said was in play, was taken out! We now have 3 above and stacking more below now with 20 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5480 - 5490
Key Levels: 5451 POC & Overnight Low
downside target is: 5420 - 5410
/NQ upside target is: 19,200 - 19,250
Key Level: 19,069 POC & Overnight Low
downside target is : 19,950 - 19,900
/RTY upside target is: 2115 - 2125
downside target is: 2090 - 2080
Economic Data: Light Today BUT a Red Star Event!
CPI @ 8:30 AM EST
Crude Inventories @ 10:30 AM EST
More Color.......
/ES - Demand $5321 and $5363 with Supply at $5600
1. Buyers trapped below $5340 and holding below after a pullback looking to play SHORT targeting $5330 $5315
2. Sellers trapped above $5363 looking to play long targeting $5400 then $5422
SPY - Demand at $538 with Supply at $544 then $554-555
1. Buyers trapped below $544 after a break and retest from $543 looking to play short targeting $541 then $540
2. Sellers trapped above $538 looking to play long from a break and retest targeting $539 then $541
/NQ Key Demand at $18969 then at $19025 with Supply at $19527
1. Sellers trapped above $18969 looking to play long targeting $19100
2. Buyers are trapped below $18960 and holding , looking to play short
targeting $18850 then $18600
QQQ Supply flipped to Demand at $455 with Supply at $462 then at $472
1. Sellers trapped above $455 I want to play long off a break and retest
from$456 targeting $458 then $460
2. Buyers trapped below $470 after a break and retest below $469 looking to play short targeting $465 then $463
Also watching ...
NVDA Supply flipped to demand at $111-112 with Supply at $120
1. Sellers trapped above $11 playing a break and retest from $112 LONG targeting $114, $116 then $119
2. A breakdown below $110 and holding I will look to play short targeting $107
AMD Key Supply flipped to Demand at $138-139
1. Sellers trapped above $138 looking to play long from a break and retest from $139 targeting $141 then $144
2. Early morning breakdown failing below $137 and holding after a pullback I will be looking to play SHORT targeting $135 $133
Have a great day!
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