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Good Thursday morning!
Once again the gap down yesterday proved to be short lived! After the CPI report, futures imploded as the report came in hot, however, it did not take long for buyers to come back in and take markets right back up! Well this morning PPI was just released, and after a quick dip, buyers stepped right back in and are taking futures higher as I write this. Now today's PPI move was MUCH LESS volatile than the CPI move, but now that these data points are behind us, it definitively shows that the bulls are still in control!
As you can see in the profile pic below, price is currently well above prior day's 1/2 back @ 6054 and the POC @ 6072.50, and THIS my friends is the key line in the sand today's trade! If buyers keep overwhelming sellers then look for prior day's high @ 6084.75 then upper targets @ 6090-6100.
If sellers step back up and take the price back below the POC @ 6072.50, then the 6054-6052 range would be in the crosshairs and then lower targets listed below! FED Chair Powell is finished on Capitol Hill and most of the important economic data is behind us this week but we are NOT out of the danger zone just yet! (Thank you Kenny Loggins) I say that because there could be more market moving news coming out today but this time from DC regarding reciprocal tariffs @ 1:00 PM EST, so STAY FROSTY!!!! THAT"S AN ORDER! Futures are trading @ 6084 at the time of this writing.
VPOC Update: No new VPOC's yesterday and that new VPOC @ 6049 was taken out. We still have 6148.50 and 6171 above and 29 below with the next lowest is 5950!
Quick PSA (Public Service Announcement): The markets will be closed Monday February 17th in observance of Washington's Birthday!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6090 - 6100
Key Levels: 6072.50 POC
downside target is: 6040 - 6030
/NQ upside target is: 21,910 - 21,9500
Key Level: 21,839 Yesterday's high
downside target is : 21,680 - 21,660
/RTY upside target is: 2280 - 2290
downside target is: 2245 - 2235
Economic Data: Busy Day
3-Month Bill Settlement
6-Month Bill Settlement
Jobless Claims @ 8:30 AM ET
PPI-Final Demand @ 8:30 AM ET
EIA Natural Gas Report @ 10:30 AM ET
3-Month Bill Announcement @ 11:00 AM ET
6-Week Bill Announcement @ 11:00 AM ET
6-Month Bill Announcement @ 11:00 AM ET
52-Week Bill Announcement @ 11:00 AM ET
20-Yr Bond Announcement @ 11:00 AM ET
30-Yr TIPS Announcement @ 11:00 AM ET
4-Week Bill Auction @ 11:30 AM ET
8-Week Bill Auction @ 11:30 AM ET
30-Yr Bond Auction @ 1:00 PM ET
Fed Balance Sheet @ 4:30 PM ET
More Color....... By Analyst Rich Rickus
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ES Demand at $6060-6070 with Supply above at $6110
Bearish
Buyers trapped below $6060 after a pullback below $6050 looking to play SHORT targeting $6040 then $6025
Bullish
Sellers trapped above $6110 after a break and retest above $6115 playing LONG targeting $6140 then $6155
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SPY - Demand at $603-604 with Supply above at $610-609
Bullish
Sellers trapped above $ 603 after a break and retest above $604 targeting $605 then $606
Bearish
Buyers trapped below $602 after a retest from $601 targeting $599 then breakdown into $598
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/NQ - Key Demand at $21700 with Supply above at $21960
Bullish
Sellers trapped above $21700 looking to play long after a pullback holds above $21720 targeting $21800 then a breakout into $21900 target last Friday HOD
Bearish
Buyers trapped below $21650 looking to play SHORT after a pullback holds below $21600 looking to play short targeting $21450 then a breakdown into $21300
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QQQ - Supply flipped to Demand at $523-524 with new Supply above at $532
Bullish
Sellers trapped above $523 looking to play long from a break and retest at $524 targeting high $526 then a breakout into $527
Bearish
Buyers trapped below $522 after a break and retest below $521 looking to play short targeting $519 then mid high $518
Have a fantastic day!
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