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Good Tuesday morning,
The bulls have done it again! More new all-time highs, and now another new VPOC below—making this the ninth! This is important, by the way, because it shows the strength (or lack thereof when stacking them above price) in a trend. And when you stack nine VPOCs below, this is a clear sign that traders and investors around the world are willing to put capital to work—and are doing so at ever-higher prices!
This is astounding because the S&P now trades at 27.3× forward earnings, which is historically rich and hasn't been seen since 2000. AI investment and trade deals around the world continue to stoke investor interest and sentiment.
📊 In the profile pic and key levels below, please note we are now trading the December Z contract. Futures are higher again, and new all-time highs have been hit in the overnight session. Similar to yesterday, as long as price stays above the first key level at 6,681.25 (prior day's high), the bulls will retain control.
If the prior day's high is lost, then look for lower targets, starting at ONL, half-back, POC, and VAL: 6,670–6,655. Again, at these levels, the odds of a liquidation break increase.
• Prior High at 6,681.25
• POC, VAL, ONL & 1/2 Back: 6,670
Futures are currently trading at 6,685 at the time of this writing.
🧭 VPOC Update: Another new VPOC has been added below current price at *6,592.50, so we now have 9 (nine) below the current price, with none above.
Current VPOCs: 9 BELOW! (based on new Z contract)
- 6,645.00
- 6,595.75
- 6,571.75
- 6,509.25
- 6,506.25
- 6,450.50
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,705 - 6,715
Key Levels: 6,681.25 Prior High
downside target is: 6,670 - 6,655
/NQ upside target is: 24,700 - 24,725
Key Level: 24,557 Prior High
downside target is : 24,500 - 24,475
/RTY upside target is: 2,440 - 2,450
downside target is: 2,410 - 2,400
Economic Data : Red Star Event
Retail Sales @ 8:30 a.m EST
Import and Export Prices @ 8:30 a.m EST
Industrial Production @ 9:15 a.m EST
Business Inventories @ 10:00 a.m EST
Housing Market Index @ 10:00 a.m EST
More Color By : Rich Rickus
Same range as yesterday for me. I only want to play Short if price is back below $6580
1. ES - Key Demand $6580-6570 Supply above at $6658
Bullish : Sellers trapped above $6570 looking to play a break and retest above $6585 long targeting $6660 then $6675
Bearish Buyers trapped below $6550 looking to play short after a break and retest below $6545 targeting $6480 then a break down into $6410
2. SPY Key demand at $656 with Supply above at $658-659
Bullish Sellers trapped above $656 looking to play a break and retest from $657 long targeting $660 then a breakout into high $661
Bearish Buyers trapped below $656 after a break and retest below $655 targeting $653 then a breakdown into $652
3 /NQ Key demand at $24300 with Supply above at $24400
Bullish Sellers trapped above $24300 looking to play a break and retest above $24350 long targeting $24425 then a breakout back into low $24450
Bearish Buyers trapped below $23300 looking to play short from below $2375 targeting $23100
4. QQQ Key Demand at $584 with Supply at $587
Bullish Sellers trapped above $584 looking to play a break and retest from $585 targeting $587 then a breakout into high $588
Bearish Buyers trapped below $585 looking to play a break and retest below $584 targeting $582 then $581
Have a great day!
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