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Good Wednesday morning!
Another decent hold by the bulls yesterday as the single prints (and double distribution) from Monday held like a champ above 5766.50. This was very important because when a day gets split into two different distributions, there are very clear lines in the sand where the buyers or sellers take (or keep) control, and yesterday it was clear the buyers won the day!
The S&P cash has been holding up very well between 5770 - 5675 ever since new all time highs were hit back on September 19th and we have had 14 trading days consolidating between the above mentioned range. Use the highs and lows of this range for the eventual breakout, either higher or lower. It is only a matter of time before this happens!!
Getting more granular and focused for today's trading, in the key levels and profile pic below, if the buyers can keep price above 5788.50 which is the POC, the the bias remains up and look for upper targets. A loss of 5788.50 then 5785, which is 1/2 back, could take us back down towards the 5765-5760 area! At the time of this writing the futures are trading @ 5797.
**We do have FOMC minutes @ 2:00 PM EST so there could be some extra volatility when that data is released so stay frosty!
VPOC Update: No new VPOC's added yesterday so 23 untested Points of Control below with still none above.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5825 - 5830
Key Levels: 5788.50 POC then 5785 1/2 back
downside target is: 5765 - 5760
/NQ upside target is: 20,390 - 20,425
Key Level: 20,235 POC
downside target is : 20,180 - 20.150
/RTY upside target is: 2227 - 2232
downside target is: 2199 - 2194
Economic Data: RED STAR EVENT TODAY!
Wholesale inventories @ 10:00 AM ET
Crude inventories @ 10:30 AM ET
Austan Goolsbee Speaks @ 10:30 AM ET
Treasury Buyback Announcement @ 11:00 AM ET
Thomas Barkin Speaks @ 12:15 PM ET
**FOMC Minutes @ 2:00 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand $5760-70 with Supply above at $5810
Bearish
Buyers trapped below $5760 after a pullback below $5755-50 looking to play SHORT targeting $5730 then $572
Bullish
Sellers trapped above $5760 after a break and retest above $5765-70 playing LONG targeting $5795 then $5809
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SPY - Demand at $569 w / Supply at $574-573
Bullish
Sellers trapped above $569 after a break and retest above $570 looking to play LONG targeting $571.50 then high $572s
Bearish
Buyers trapped below $569 after a retest from $568 where Demand would flip back to Supply targeting $567then $566
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/NQ - Key Demand at $19900 with Supply above at $20329 HOD
Bullish
Sellers trapped above $19950 looking to play long targeting $20150 then $20200
Bearish
Buyers trapped below $19900 and holding , looking to play short from $19750 targeting $19700
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QQQ - Key Demand at $485 with Supply above at $490
Bullish
Sellers trapped above $485 looking to play long from a break and retest at $486 targeting $487 then $488.
Bearish
Buyers trapped below $484 after a break and retest below $483 looking to play short targeting $481 then $481
Also watching …
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AAPL - Key Demand at $224 with Supply at $227-228
Bullish
Sellers trapped above $224 after a break and retest from $225 targeting $227 or if Supply flips back to demand holding $227 I will look to play long targeting new HOD at $229
Bearish
Buyers trapped below $224 after a break and retest from $223 targeting $222 then $221
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NVDA Supply flipped to Demand at $129 with Supply at $133-134
Bullish
Sellers trapped above $129 playing a break and retest from $130 looking to target $131 then $132
Bearish
Buyers trapped below $128 after a break and retest from $127 looking to play short targeting $125 then $124
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AMD HOD Supply flipped to Demand at $169 with Supply above at $173
Bullish
Sellers trapped above $169 after a break and retest from $170 looking to target $172 then new HOD
Bearish
Buyers trapped below $168 after a break and retest from $167 targeting $165 then $164
Have a great day!
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