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Good Thursday morning,
Well, the market liked the CPI number on Tuesday, but they didn't like the PPI number today, which just came out at 8:30 a.m. EST, and futures flushed hard. Yesterday there was tremendous support at the POC at 6468, and now price is below that key level. The game plan is laid out below.
📊 In the profile pic and key levels, futures are close to prior day's low at 6,466.75 and the POC at 6,468, so this will be important moving forward today! If price gets and stays below this range all day then the short term top at yesterday's high is in! Time to lock in gains and look for short opportunities. If buyers push price back up and value builds sideways, then the bulls will remain in control. It is really a coin toss today as to what will happen.
Once the bell rings, and if there is a true gap down below yesterday's low, and overnight inventory net short, there is the chance for a fade higher to balance out the overnight inventory. We will look for a move below the overnight low, and then back up for a long trade. If the overnight low is not taken out once the bell rings, then look for a long over the first one minute high. If price starts to move in our anticipated direction, then trail stops up with price. The gap fill to prior low is the first target. Any move above that we would be looking for the POC and upper targets. Price action that stays below 6,466.75 is bearish and we will look for lower targets!
Now if price opens within prior day's range, then 6,468 will be key and look for moves to upper targets and the POC at 6,480.50, which is on our upper target range! This could go either way so stay fluid!
Futures are currently trading at 6,463 at the time of this writing.
🧭 VPOC Update: No new VPOC's were added or taken out yesterday. We still have none above and five below the current price. We may finally put in a new VPOC above at 6,480.50.
Current VPOCs:
- 6,367.50
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,480 - 6,490
Key Levels: 6,466.75 Prior Low
downside target is: 6,.425 - 6,415
/NQ upside target is: 23,975 - 24,000
Key Level: 23,850 VPOC
downside target is : 23,725 - 23,700
/RTY upside target is: 2,330 - 2,340
downside target is: 2,280 - 2,270
Economic Data :
Jobless claims at 8:30
PPI Final Demand @ 8:30
EIA Natural Gas Report @ 10:30
Fed Balance Sheet @ 4:30
More Color By : Rich Rickus
Same range / levels as yesterday
1. ES - Key Demand $6445 Supply above at $6485
Bullish : Sellers trapped above $6445 looking to play a break and retest above $6450 long targeting $6480 then $6500
Bearish Buyers trapped below $6430 looking to play short after a break and retest below $6425 targeting $6380 then a break down into $6365
2. SPY Key demand at $640 with Supply above at $644
Bullish Sellers trapped above $640 looking to play a break and retest from $641 long targeting $643 then a breakout into high $645
Bearish Buyers trapped below $640 after a break and retest below $639 targeting $637 then a breakdown into $635
3. /NQ Key demand at $23800 with Supply above at $24016
Bullish Sellers trapped above $23800 looking to play a break and retest above $23850 long targeting $23950 then a breakout back into low $24100
Bearish Buyers trapped below $23800 looking to play short from below $23775 targeting $23550
4. QQQ Key Demand at $576-577 with Supply at $582
Bullish Sellers trapped above $577 looking to play a break and retest from $578 targeting $580 then a breakout into high $581
Bearish Buyers trapped below $576 looking to play a break and retest below targeting $575 then $574
5. AAPL - Key Demand at $224 with Supply above at $231
Bullish - Sellers trapped above $224 after a break and retest from $225 looking to play LONG targeting $228 then a breakout into $230s
Bearish - Buyers trapped below $224 after a break and retest from $223 to play short targeting $221 then breakdown into $219
6. TSLA - Key Demand at $330-332 with Supply above at $346
Bullish - Sellers trapped above $332 after a break and retest from $333 looking to play LONG targeting $335 then a breakout into $336
Bearish - Buyers trapped below $330 after a break and retest from $329 to play short targeting $327 then breakdown into $325
Have a great day!
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