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Good Wednesday morning,
Yes, it will be a coin toss-type day today. Yesterday, there was a liquidation break, and the profile formed a "b" pattern, which indicates that traders and investors had become too "net long," causing the market to correct slightly. That being said, there is absolutely zero follow-through to the downside in the overnight and this morning, so the levels below will be key!
📊 In the profile pic and key levels, futures are higher, and price is very close to the first key level....bottom of the spike at 6,769. If the bulls can keep the price above this level, then the path of least resistance would be higher, and look for upper targets. If the sellers take the price below 6,769, then look for further liquidation to the POC at 6,757.50, then the poor low yesterday at 6,747, then lower targets. It's all about the opening battle, my friends! Stay fluid.
Futures are currently trading at 6,772 at the time of this writing.
🧭 VPOC Update: No new VPOC's were added or taken out yesterday, so we still have 9 below and none above!
Current VPOCs:
- 6,703.00
- 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: 6,790 - 6,800
Key Levels: 6,769 Bottom of Spike then 6,757.50 POC
downside target is: 6,745 - 6,735
/NQ upside target is: 25,200 - 25,225
Key Level: 25,040 POC
downside target is: 24,950 - 24,925
/RTY upside target is: 2,500- 2,510
downside target is: 2,470 - 2,460
Economic Data: Multiple Fed Speakers
Alberto Musalem @ 9:20 a.m. EST
Michael Barr @ 9:30 a.m. EST
Crude Inventories @ 10:30 a.m. EST
Neel Kashkari @ 3:15 p.m. EST
More Color By: Rich Rickus
Have a great day!
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