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Good Monday morning!
We are coming off a few wild weeks in the markets and from the Monday low, August 5th, the market has fought back and moved higher a decent clip, although there is still some work to do to get the markets back up to a "comfortable" level for the buyers.
I say comfortable because at this point, the market is still extremely volatile and could go either way at any time. When there is not as much fear or anxiety or uncertainty in the markets, the downside is much less likely as traders and investors feel confident about their holdings and aren't in a hurry to sell. At this point people are sitting on huge gains and now feel IF the markets want to truly sell off, they want to lock in those gains. If the markets stabilize and continue to drift higher then anxiety and fear levels will subside. We are just not there yet!
The profile pic and target levels below should be helpful today. We are now in an area of potential strength around 5380 as it is back into the spike of Friday, August 2nd. IF the bulls can keep prices above that level, then look for upper targets of 5420-5425 and then gap fill to 5445. Anything below 5380 yet above 5356 would be an area of balance and responsive trade. Only below 5356 then below 5344 would change the tone back to the bears!
VPOC Update: No new VPOC's added Friday and the closest one above is @ 5418.25 which coincides with my upside target zone. We still have 4 above and 19 below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5420 - 5425 then 5445
Key Levels: 5356 1/2 Back
downside target is: 5325 - 5315
/NQ upside target is: 18,900 - 18,950
Key Level: 18,618 POC & 18,541 1/2 Back
downside target is : 18,450 - 18,410
/RTY upside target is: 2105 - 2110
downside target is: 2070 - 2065
Economic Data: Very Light Today!
Treasury Sentiment @ 2:00 PM EST
More Color.......
/ES - Demand $5310 -5304 then at $5240 with Supply at $5368-80
1. Buyers trapped below $5304 and holding below after a pullback looking to play SHORT targeting $5285 then $$5270
2. Sellers trapped above $5304 looking to play long targeting $5325 then $5337
SPY - Demand at $528 then $525 with Supply at $537
1. Buyers trapped below $528 after a break and retest from $527 looking to play short targeting $525 then $524
2. Sellers trapped above $528 looking to play long from a break and retest from $529 targeting $531 then $533
/NQ Key Demand at $18373 then at $18484 with Supply at $18969 and 19077
1. Sellers trapped above $18484 looking to play long targeting $18590
2. Buyers are trapped below $18373 and holding , looking to play short
targeting $18300 then $18255
QQQ Demand at $450-449 with Supply above at $455
1. Sellers trapped above $449 I want to be playing long off pullbacks
targeting $551 then $553
2. Buyers trapped below $455 after a break and retest below $454 looking to play short targeting $452 then $451
Also watching ...
GOOGL Key supply at $166 with Demand below at $156-157
1. Sellers trapped above $156 playing a GAP and GO from $157 after a
bounce, playing long targeting $159 then $160
2. Buyers trapped below $157 after a break and retest from $156 looking Short
Have a great day!
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