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Good morning!
Going to keep it short and sweet today...as the picture above says, there are still absolutely ZERO sellers to be found on planet earth!
After the pullback from Friday's highs to Monday's lows, buyers stepped back in with some force on Tuesday and yesterday was essentially a "hold" meaning the market didn't break out to new highs but were able to keep Tuesday's gains. As a matter of fact even with a sharp liquidation break that came out of nowhere around 3:25 PM EST, buyers came in once again and took prices right back up. The "Fear/Greed Index" is still in Greed/Extreme Greed territory and that is confirmed further in the VIX reading (the fear gauge) which is right back down into the mid 13's! As the great Louis Winthorpe III once said....."Fear?! That's the other guys problem!"
Futures are higher this morning although there was just a sharp drop after some economic data just came out. PPI, Retail Sales and Jobless Claims were just released and traders sold the numbers. That being said, the profile pic lays out the game plan for today. As long as price stays above 5230, then the bulls remain in control. Anything above the triple top shown in the picture, should move prices towards overnight high's and then our upper targets. Only if we lost 5230 would our downside targets be in play.
VPOC update: There are still 20 untested points of control below current price indicating current trend is still higher for now.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5255 - 5265
Key Level: 5230 Value Area Low and 1/2 Back
downside target is: 5210 - 5200
/NQ upside target is: 18,500 - 18,520
Key Level: 18,330-18,340 Point of Control & Overnight Low
downside target is : 18,275 - 18,250
/RTY upside target is: 2120 - 2125
downside target is: 2085 - 2075
Economic Data: Light today!
PPI @ 8:30 AM EST
Retail Sales @ 8:30 AM EST
Jobless Claims @ 8:30 AM EST
Business Inventories @ 10:00 AM EST
Natural Gas Inventories @ 10:30 AM EST
More Color.......
NVDA - Hold
META - Hold
AAPL- Still Bearish! Anything back above $174.50 and the short is over for the time being. That has not happened so if you are short then stay in but have your stops in place. If/when AAPL breaks $168.50 to the downside, then our target of $166 is right around the corner.
/ES - New HOD overnight Key Demand at $5230-5220 with Supply above at $5240
- I would only look to play short if the price can hold below $5200. Ideally I want to see a pullback after a break out / break & retest key level of demand to play long
- Below $5200 leaves room to the downside to $5180
SPY - Consolidating inside Supply at $518-517 with Demand below at $513-515
- Buyers defending after selling at the open $516 looking to play long where Supply flips to Demand targeting $519 ( New HOD )
- Buyers at the open failure to break out above $518.22 with bears defending $517 as resistance, playing a break and retest short targeting $515 then $514
SPX - Key Demand $5135-45 with Supply flipped to Demand at $5160
- I would like to long above $5150 if price can break below I would then play short off a break and retest targeting $5137 first then $5128
/NQ - Supply flipped to demand at $18380-18400 with Supply at $18440-18465
- I would only like to play short if price can break and hold below $18350
- Sellers trapped above $18370 looking to play long off VWAP
QQQ - Key Demand at $438-440 with Supply above at $444-445
- Looking for a break and retest $442 holding above $441 ( yesterday highs) looking to play long targeting $443 first then $444.50 , $445
- Buyers trapped inside of Supply at $444 looking to lay short after a pullback
Also Watching …
AMD - Consolidating inside Demand at $192-194 with Supply at $200
- Break and retest from $197 looking to play short after no breakout to the upside
- Buyers at the open failure to break above and hold $200 looking to pay short
- Bulls defending $192 after a sell off looking to play long targeting $196 -$198
TSLA - Demand flipped to Supply looking to play short below $172 after buying at the
open fails to break out above. I would only like to long above $174 off a pullback & hold
META - Gap up below Supply. Key Demand at $486-488 with Supply at $500-502
- Buyers at the open failure to break out above $499 and I will look to play short off
a break and retest targeting $497 then $495
As ALWAYS, have your stops in place!!!
Have a great day!
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