|
Good Tuesday morning!
The markets continue to balance and the buyers are still in control looking at the S&P, but as price just keeps melting up, we must be on the lookout for the inevitable rug pull when the markets drop sharply! I do not have a crystal ball and if I knew exactly when they were going to do this, I would tell you, but I don't. I see storm clouds brewing but I am not sure if they break back to sunshine or build and get much darker! Just keep watching the key levels we give you each morning as they will definitely help you in your trading decisions!
Today futures are lower again and overnight inventory is almost 100% net short. There should be some fade trade higher to balance out this overnight inventory, but if this does NOT happen, then it is bearish!
For the bulls, it will be about 5884 to 5890. Any price action that stays below this range will be more advantageous for the bears. If the bulls can retake price and move back above 5890 then look for upper targets! Futures are trading at 5867 at the time of this writing!
Quick reminder......Yesterday the key levels @ 5901 to 5906.50 proved to be very valuable as 5908.50 was the high of the day!!! This showed us that sellers were becoming more aggressive and took prices back down! This is how you use these very important pieces of data.
VPOC Update: No new VPOC's were added yesterday and we still have 25 below current price. 5788.50 is closest below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5910 - 5920
Key Levels: 5890 POC & Triple bottom @ 5884
downside target is: 5855 - 5850
/NQ upside target is: 20,600 - 20,625
Key Level: 20,450 - 20,475 1/2 Back & POC
downside target is : 20,420 - 20,400
/RTY upside target is: 2290 - 2280
downside target is: 2245 - 2240
Economic Data: Very Light Today
Richmond Fed @ 10:00 AM EST
More Color....... By Analyst Rich Rickus
- /ES - Demand $5865-50 with Supply above at $5900
Bearish
Buyers trapped below $5870 after a pullback below $5860-65 looking to play SHORT targeting $5850 then $5833
Bullish
Sellers trapped above $5900 after a break and retest above $5907 playing LONG targeting $5928
- SPY - Demand at $580-581 with Supply above at $584
Bullish
Sellers trapped above $581 after a break and retest above $582 looking to play LONG targeting $583 then $584
Bearish
Buyers trapped below $581 after a retest from $580 where Demand would flip back to Supply targeting $578 then $577
- /NQ - Key Demand at $20325 -350 with at Supply $20600 then below at $20550
Bullish
Sellers trapped above $20350 looking to play long after a pullback holds above $20370 targeting $20420 the $20500
Bearish
Buyers trapped below $20350 and holding looking to play short targeting $20300 then $20200
- QQQ - Key Demand at $491 with Supply above at $494
Bullish
Sellers trapped above $491 looking to play long from a break and retest at $492 targeting $494 then $495
Bearish
Buyers trapped below $491 after a break and retest below $490 looking to play short targeting $489 then $488
Also watching ...
- AAPL Key Gap down at $236 with Supply above at $237 / Demand not until $233
Bearish
- Sellers trapped below $236 looking to play a Short after a pullback fills the GAP playing short off and GAP and Go targeting $234 then high $232s
Bullish
- Buyers trapped above $236 playing a break and retest Long targeting new HOD
- NVDA Key Demand $139-140 with Supply above at $144 HOD
Bearish
Sellers trapped below $40 after a break and retest from $139 looking to play short targeting $137 then $136
Bullish
Buyers trapped above $140 after a break and retest from $140 looking to play long targeting $142 then new HOD
Have a great day!
| 
