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Good Monday morning,
And the sun is shining on the bulls once again! They always seem to find a way, and after being hit pretty hard early last week, there was a three-day pullback that actually looked like it may have some staying power. Now, that is fading fast as the futures are in play for hitting new all-time highs once again. That poor high and double top from last Monday-Tuesday looks like it could be repaired today, and the edge would swing right back to the buyers.
📊 In the profile pic and key levels below, futures are sharply higher with overnight inventory that is almost 100% net long. As long as buyers keep the price over the overnight half-back at 6,716, then the bulls are fully back in control. That being said, with a true gap and inventory skewed to the buyers, there is a decent chance for a fade lower to balance out the overnight inventory. Keep an eye out for an early liquidation break. If it doesn't happen, look for upper targets.
If sellers take back control and hold it, then any break below 6,716 would put the gap fill in play to Friday's high in play at 6,704, then the POC and overnight low at 6,695.
Futures are currently trading at 6,728 at the time of this writing.
🧭 VPOC Update: The new VPOC at 6,692 did not last long as it was taken out on Friday, so we are now back to 8 below and none above!
Current VPOCs:
- 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: 6,755 - 6,765
Key Levels: 6,616 Overnight 1/2 back
downside target is: 6,710 - 6,700
/NQ upside target is: 25,000 - 25,025
Key Level: 24,810 ON 1/2 back
downside target is: 24,750 - 24,725
/RTY upside target is: 2,480 - 2,490
downside target is: 2,450 - 2,430
Economic Data: Very Light
Pending Home Sales @ 10:00 a.m. EST
Dallas Fed Manufacturing Survey @ 10:30 a.m. EST
More Color By: Rich Rickus
1. /ES - Key Demand $6650-45 Supply above at $6740 and $6780-85
Bullish: Sellers trapped above $6700 looking to play a break and retest above,$6710 long targeting $6730 then $6750
Bearish Buyers trapped below $6640, looking to play short after a break and retest below $6634, targeting $6622 a break into $6575
2. SPY Key demand at $559-660 with Supply above at $666
Bullish Sellers trapped above $own,659 looking to play a break and retest from $600 long targeting $663 then a breakout into the high $664
Bearish Buyers trapped below $659 after a break and retest below $658
targeting $656 then a breakdown into $654
3. /NQ Key demand at $24800 with Supply above at $25027
Bullish Sellers trapped above $24800looking to play a break and retest above,$24850 long targeting $24925, then a breakout back into low $25000
Bearish Buyers trapped below $24750, looking to play short from below $24700, targeting $24500 then $24450
4. QQQ Key Demand at $597-596 with Supply at $692-593
Bullish Sellers trapped above $596,, looking to play a break and retest from $597 targeting $599, then a breakout into the high $601
Bearish Buyers trapped below $593 looking to play a break and retest below $592, targeting $591, then $590
Have a great day!
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