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Happy Friday morning!
The markets continue to operate in a large trading range and in the S&P Cash, that range is 5650 to 5560...almost a 100 point range. This push / pull between the buyers and sellers is something we all have to accept until things change. It's interesting that we got so close to new all time highs, but as of yet has not been able to mark new highs. The DOW has done it multiple times over the past week and the tech heavy NASDAQ (and NDX) is a bit more bearish (down) as money is still coming out of the large cap tech stocks, but not at any kind of alarming rate.
In the profile pic below you can see exactly what I am talking about as the yellow shaded areas are all over the place and overlapping in a large balance area...no current trend at the moment, however that will change at some point. Just pay close attention to key levels and target zones (whether bullish or bearish) and the new trend will start to emerge and show itself.
And as the sign post above says, volatility ahead because
1.) We are in this large trading range as mentioned
2.) It is the end of the month and portfolio managers may tweak their holdings a bit
3.) It is a Friday ahead of a long weekend...HAPPY LABOR DAY.....so things can get a bit "squirrelly" today!!!!
Futures are higher this morning on overnight inventory that is net long although we are sitting right at yesterday's 1/2 back, so being right in the middle is a coin toss between the buyers and sellers today. 5624-5621 would be the next level of importance to the downside then 5590-5580. If buyers retake 5631 then look for upper targets. Today could be VERY choppy so be aware!
VPOC Update: No new VPOC's added yesterday so still only 5699.50 way above and 21 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5640 - 5650
Key Levels: 5631 1/2 Back & 5649.75 POC
downside target is: 5590 - 5580
/NQ upside target is: 19,600 - 19,650
Key Level: 19,516 1/2 Back
downside target is : 19,250 - 19,210
/RTY upside target is: 2215 - 2225
downside target is: 2195 - 2185
Economic Data: Key Data Today!
Personal Income and Outlays @ 8:30 AM EST!
Chicago PMI @ 9:45 AM EST
Consumer Sentiment @ 10:00 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
More Color....... By Analyst Rich Rickus
/ES - Demand $ $5625-28 with Supply at then $5640
Bearish
1. Buyers trapped below $5625 and holding below after a pullback below $5620 looking to play SHORT targeting $5612 then $5602
Bullish
2. Sellers trapped above $5628 looking to play long targeting $5640
SPY - Demand at $557-556 then below at $554 -555 w / Supply at $563 -564
Bullish
1. Sellers trapped above $556 looking to play long from $557 targeting $559 then $560
Bearish
2. Buyers trapped below $556 after a retest from $555 targeting $554 then $552
/NQ Key Demand at then at $19430-60 then at $19335 with Supply $19558-19606
Bullish
1. Sellers trapped above $19560 looking to play long targeting $19630 then $19680
Bearish
2. Buyers trapped below $19390 and holding , looking to play short targeting $19350
QQQ Key Demand at $473-472 with Supply at $478 -479
Bullish
1. Sellers trapped above $471 after a break from $472 I want to play long targeting $473 then $474
Bearish
2. Buyers trapped below $471 after a break and retest below $470 looking to play short targeting $468 then $469
Have a great day and a wonderful weekend! Happy Labor Day!
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