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Good morning!
More new all time highs in the DOW and S&P and the small cap RUSSELL hit new 2 1/2 year highs! Its all time high was back in November of 2021 @ 2458.86. The NASDAQ & NDX remain very close to their own new highs so it seems like it's only a matter of time. Current trend is still intact and please make note of a very key level in the S&P....any price action that stays above 5595 confirms that the bulls are in firm control of this market!
After hitting new highs yesterday @ 11:15 AM EST, there was a strong liquidation break and markets almost closed at lows of the day. There was a late day bounce and futures are up this morning so the buyers continue to prop up this market. Intraday volatility is still high so please don't let your guard down if you are trading during the day session. Liquidation breaks and short squeezes still happen on a very regular basis so be alert. Please don't get fooled into thinking that just because we have a sell off here and there intraday that this "must be the top!" Price is ONLY an advertising mechanism but time and volume validate and confirm a move!
Today we are inside of Monday's range and the key level to watch early on is 5692. Basically it is long above and short below. If price action goes above and below that level multiple times then we could be in for a balance day. Please see other key levels and price targets in the profile pic below.
VPOC Update: No new VPOC's were added yesterday so we are still 25 VPOC's below current price levels....indicating the bullish uptrend is still intact!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5715 - 5720
Key Level: 5692 POC & 1/2 Back
downside target is: 5660 - 5650
/NQ upside target is: 20,800 - 20,825
Key Level: 20,623 POC
downside target is : 20,465 - 20,455
/RTY upside target is: 2220 - 2225
downside target is: 2185 - 2190
Economic Data:
Retail Sales @ 8:30 AM EST
Import and Export Prices @ 8:30 AM EST
Business Inventories @ 10:00 AM EST
Housing Market Index @ 10:00 AM EST
More Color.......
/ES - Supply at $5701-7693 / Demand $5659- 5670
1. Sellers trapped above $5659 looking to play long off a break and retest targeting $5680 then $5695
2. Buyers trapped below $5700 and holding below after a pullback will be looking to play short targeting $5688 then $5675
SPY - Demand at $558-559 with Supply at $564 HOD - $563
1. Buyers trapped below $559 after new HOD with no follow through and retest at $558 looking to play Short targeting $556 then $555
2. Sellers trapped above $556 after it reclaims support looking to play long
SPX Key Supply at $5667- 60 with Demand at $5609-5614
1. A breakdown below $5609 and holding below after retest I will look to play short targeting $5550
2. A bounce above $5610 and reclaim support I will look to play long
targeting $5622 then $5635
/NQ Key Demand at $20505 -20540 with Supply above at $20750-20800
1. Sellers trapped above $20505 looking to play long targeting $20550
2. Buyers are trapped below $20500 off a break and retest targeting $20450
QQQ Demand at $495-94 then below at $490-491 with Supply above at $499
1. Sellers trapped above $494 looking to play long off a break and retest
targeting $496 then $497
2. Buyers trapped below $493 after a break and retest from $494 looking to targeting new LOD
TSLA Key Demand at $250-252 Gap Up with Supply above at $261 HOD
1. Sellers trapped above $250 looking to play long after a bounce targeting $254 then $257
2. Buyers trapped below $250 looking to play short off a break and retest
AMD Key Demand at $176-177 with Supply above at $184-183
1. Sellers trapped above $177 looking to play long targeting $180
2. A breakdown below $184 and holding below I will look to play short off a break and retest from $183 targeting $181 then $180
Have a great day!
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