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Good Thursday morning!
As information and data fly around the globe in milliseconds nowadays, traders and investors act upon this information at lightening speed and this causes unprecedented volatility in the markets. Now if you are a longer term investor, the intraday gyrations should not bother you so much, but for those of us that play the shorter term game, it is vital to keep a cool head and keep emotions out of your trading operations! That is why we give you very key levels and information to act upon. Yesterday was another perfect example. As we stated...
"In the profile pic you can see the POC and overnight high listed as key levels. The reason these are important is that if buyers come in and price starts to move higher (as I've previously stated) then those who are short will lose their profits and will start to cover. When you have natural buyers AND traders/investors who also have to buy to cover their short positions, this can lead to sharp moves higher!! Again I am NOT saying this will happen with 100% certainty but it is something to look out for in today's trade! "
Well that is what happened yesterday as the buyers came in and then shorts had to cover, and taking out the 5541-5543.50 range led to a move higher during the session all the way up to 5565. This is just something we have seen many times as overnight inventory gets 100% net short and they are at greatest risk of losing their profits so it is something to watch and consider in your game plan. It is a different story today!
Futures are mixed this morning on overnight inventory that is also mixed, so there is no edge currently when the bell rings at 9:30 AM EST. Keep an eye on the key levels and profile pic as they should help you see who is winning today's contest. Any move back above 1/2 back and overnight high could see a move towards upper targets. Any price action between 5540-5515 is complete balance. Anything below 5515 then look for lower targets!
VPOC Update: No new VPOC yesterday we have 2 above and 21 untested points of control below current prices. The closest one below is 5468 and could be in play today.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5575 - 5585
Key Levels: 5540 1/2 Back & overnight high
downside target is: 5475 - 5465
/NQ upside target is: 19,160 - 19,190
Key Level: 19,960 - 19,977 POC & 1/2 Back
downside target is : 18,775 - 18,750
/RTY upside target is: 2178 - 2185
downside target is: 2120 - 2110
Economic Data: Key Data Today!
ADP Employment Report @ 8:30 AM EST!
Jobless Claims @ 8:30 AM EST!
Productivity and Costs @ 8:30 AM EST!
PMI Composite Final @ 9:45 AM EST
ISM Services @ 10:00 AM EST
Natural Gas Inventories @ 10:30 AM EST
Crude Inventories @ 11:00 AM EST
More Color....... By Analyst Rich Rickus
/ES - Demand $ $5507-5500 with Supply at $5570-60 then at $5600
Bearish
1. Buyers trapped below $5570 and holding below after a pullback below $5565 looking to play SHORT targeting $5539 then $5510
Bullish
2. Sellers trapped above $5575 after Supply flips to Demand looking to play long targeting $5600/5592
SPY - Demand $548-550 w / Supply at $554-553
Bullish
1. Sellers trapped above $555 where Supply flips to Demand looking to play long from $556 targeting $557 then $558
Bearish
2. Buyers trapped below $554 after a retest from $553 targeting $551 then new $549
/NQ Key Demand at $18825 then at $18900 with Supply $19242 -19210 then at $19120
Bullish
1. Sellers trapped above $19105 looking to play long targeting $19150then $19200
Bearish
2. Buyers trapped below $19120 and holding , looking to play short targeting $18990
QQQ Key Demand at $457-458 with Supply at $464-465
Bullish
1. Sellers trapped above $464 after a break from $465 I want to play long targeting $468 then $469
Bearish
2. Buyers trapped below $464 after a break and retest below $463 looking to play short targeting $461 then $460
NVDA - Key Demand at $104-106 with Supply above at $112-110
Bullish
1. Sellers trapped above $106 after a break and retest from $107 playing Long targeting $109 then $110
Bearish
2. Buyers trapped below $112 after a break and retest from $111 playing short targeting $109 then $108
AMD Key Demand at $137-136 then at $140 with Supply at $144 -143
Bullish
1. Buyers trapped above $139 after a break and retest from $140 looking to play long targeting $142 then $144 Supply
Bearish
2. Buyers trapped below $139 looking to play Short after a break and retest targeting previous LOD Demand at $137.55 then LOD $136s
Have a great day!
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