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Good Thursday morning!
New all time highs in the S&P yesterday, along with stocks like AMZN and NFLX, also hitting all time highs, shows the animal spirits in the markets are alive and well. Or are they? Even CEO of JPMorgan Chase Jamie Dimon said things are stretched and over valued at this point and sellers heeded his words and took some profits yesterday afternoon. The question now is just exactly how much selling is still to come?
In the profile pic and key targets, you can see there is still a very large gap between yesterday's low and Tuesday's high. This gap will fill at some point but when is the $64,000 question? It is very simple, if today's price action stays above 6111.25 then buyers remain in control. If the sellers step in then look for the gap to be filled down to 6093.25. The overnight session did indeed try to fill that gap but failed and buyers took price back above Wednesday's low. The overnight low got down to 6101.....a good attempt but not quite enough! Any trade that stays inside of yesterday's range will be balance and edge remains with the bulls. If the POC gets taken out to the upside then look for upper targets next. Futures are trading @ 6115 at the time of this writing.
VPOC Update: Yes another new VPOC was added yesterday @ 6081.75, so we still have 3 above and we now have 31 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6140 - 6150
Key Levels: 6111.25 Prior Low
downside target is: 6095 - 6090
/NQ upside target is: 22,170 - 22,195
Key Level: 21,903 Prior Low
downside target is : 21,850 - 21,820
/RTY upside target is: 2340 - 2350
downside target is: 2300 - 2290
Economic Data:
»
3-Month Bill Settlement
6-Month Bill Settlement
52-Week Bill Settlement
Jobless Claims @ 8:30 AM ET
EIA Natural Gas Report @ 10:30 AM ET
3-Month Bill Announcement @ 11:00 AM ET
6-Month Bill Announcement @ 11:00 AM ET
2-Yr FRN Note Announcement @ 11:00 AM ET
2-Yr Note Announcement @ 11:00 AM ET
5-Yr Note Announcement @ 11:00 AM ET
7-Yr Note Announcement @ 11:00 AM ET
Kansas City Fed Manufacturing Index @11:00 AM ET
4-Week Bill Auction @ 11:30 AM ET
8-Week Bill Auction @ 11:30 AM ET
EIA Petroleum Status Report @ 12:00 PM ET
10-Yr TIPS Auction @ 1:00 PM ET
Fed Balance Sheet @ 4:30 PM ET
More Color....... By Analyst Rich Rickus
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ES - Supply flipped to demand at$6090 with new supply above at $6135
Bearish
Buyers trapped below $6090 after a pullback below $6080 looking to play SHORT targeting $6000 then $5980
Bullish
Sellers trapped above $6090 after a break and retest above $6095 playing LONG targeting $6057 then $6076
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SPY - Supply flipped to Demand at $ 598 -597 with new supply above at $601
Bullish
Sellers trapped above $597 after a break and retest above $598 targeting $599 then $602
Bearish
Buyers trapped below $597 after a retest from $596 targeting $594 then breakdown into $593
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/NQ - Key Demand at $21170-80 then above at $21300 with Supply $21800-750
Bullish
Sellers trapped above $21170 looking to play long after a pullback holds above $21330 targeting $21400 then a breakout into $21550 and $21600
Bearish
Buyers trapped below $21180 looking to play SHORT after a pullback holds below $21150 looking to play short targeting $21057 then a breakdown into $20,000
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QQQ - Supply flipped to Demand at $520-21 with new Supply above at $525
Bullish
Sellers trapped above $520 looking to play long from a break and retest at $521 targeting high $523 then a breakout into $524
Bearish
Buyers trapped below $5220 after a break and retest below $519 looking to play short targeting $515 then mid high $514
Have a great day!
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