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Good Tuesday morning,
Futures were relatively flat this morning after a very choppy day yesterday with very low volume, however we just had some economic data released @ 8:30 AM EST which flushed the futures lower. The Employment Cost Index came in hotter than expected and sellers pushed the button! Today will be challenging as the bulls, who were still in control, will now be tested and if there is any follow through and hold lower after this data, we could be in for more downside action.
Traders and investors around the globe await the FED decision tomorrow afternoon @ 2:00 PM EST followed by FED Chair Powell Press Conference @ 2:30 PM EST. There also could be some fireworks after the bell as AMAZON reports earnings later so stay tuned. Expect and be prepared for anything today!!
The key levels held very well yesterday except for one brief yet violent spike lower which occurred around 3:00 PM EST after some headlines regarding Russia. That turned out to be short lived and markets closed well off of intraday lows.
For today, as always, please pay attention to the levels listed below. Any price action that gets back above 1/2 back @ 5136, then look for POC and prior day's high, then possibly upper targets.
If selling pressure persists and takes and keeps price below 5131, which is the top of the spike yesterday, then look for lower targets at 5125-5120 then possibly 5105-5100!
VPOC Update: No new VPOC's yesterday. We have 2 above and 17 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5160 - 5170
Key Level: 5136 Overnight low & 1/2 Back
downside target is: 5125 - 5120 then 5105-5100
/NQ upside target is: 18,025 - 18,050
Key Level: 17,860 1/2 Back & Overnight Low
downside target is : 17,820 - 17,800
/RTY upside target is: 2035- 2040
downside target is: 2015 - 2010
Economic Data:
Employment Cost Index @ 8:30 AM EST
Case Schiller Home Price Index @ 9:00 AM EST
FHFA Home Price Index @ 9:00 AM EST
Chicago PMI @ 9:45 AM EST
Consumer Confidence @ 10:00 AM EST
More Color.......
/ES - Key demand at $5038-5005.50 along with $5105 with Supply adobe at $5155-5150 . I would only like to play short if price can break below $5100
1. Buyers trapped below $5100 after a break and retest targeting $5038
2. Sellers trapped after sell off inside yesterday Demand at $5100 playing
long targeting $5150
SPY - Key Demand at $506-508 with Supply above at $510-511 then at $515 HOD
1. Sellers trapped above $506 after a sell off looking to play long off a break and retest from $507 targeting 509 then new HOD
2. A break down below $506 into $505 , I would want to see price retest and hold below before playing short targeting $504.20 then $503
SPX - Key Demand at $5055 -85 then below that at $4950 - 4970
/NQ Key Demand at $17665- 17752 with Supply above at $18000 - 17913
- As long as price can hold above $17665 I want to be playing long a
breakdown below leaves us room to target $17550
QQQ Key Demand at $426-428 with Supply above at $434- 432
1. Sellers trapped after morning sell off holds above $427 looking to play long targeting $429 then $430
2. Sell off below $462.50 I will look for a break and retest playing short where Demand flips to Supply targeting $424.89 then $424 , $423
TSLA - Sellers trapped above $182 after sell off looking to play long target $185
As ALWAYS, have your stops in place!!!
Have a great day!
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