|
Good morning,
Well markets are becoming a bit unhinged as traders and investors showing some nervousness after a big sell off yesterday! Initially the markets started the day higher but selling pressure picked up and levels were hit not seen since mid February. We have now pulled back about 3% from all time highs which is not very drastic but I think people are now starting to realize that the markets don't go up forever and are now being more cautious!
Year to date the SPX is still up around 8% so there are still some very happy campers out there but we are definitely in a period and range of huge moves and intraday volatility. The moves in both directions are now becoming more drastic so please be careful out there!
Today will all be about how far the market retraces yesterdays big down move. Please pay attention to the profile pic below as it shows a large area of single prints! This happens when trading is very emotional and not a lot of time or volume happens in this space. It actually separates the prior day into two different distributions. Anything that stays below 5153 is more bearish. Any price action back above that level opens the door to a potential short squeeze higher!
VPOC Update: No new VPOC's. We now have 2 above @ 5297.75 and 5151.50 and we now have 17 still below with closest one @ 5089 which is very much in play today.
**PLEASE NOTE: FED Chair Jerome Powell speaks today at 1:15 PM EST which could cause some volatility!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5153 - 5160
Key Level: 5100 - 5105 Point of Control and Overnight Low
downside target is: 5070 - 5060
/NQ upside target is: 18,100 - 18,125
Key Level: 17,885 - 17,865 Point of Control and Overnight Low
downside target is : 17,675 - 17,650
/RTY upside target is: 2024- 2030
downside target is: 1965 - 1955
Economic Data:
Housing Starts and Building Permits @ 8:30 AM EST
Industrial Production @ 9:15 AM EST
Jerome Powell Speaks @ 1:15 PM EST
More Color.......
/ES - Key Demand at $5055- 5085 with Supply from yesterday at $5210-5220
1. Buyers trapped at the open below $5220 looking to play short targeting $5200 then $5160
2. I would only like to play long of price can find support and reclaim above $5225
SPY - Key Demand at $502-504 with Supply above at $510 from Monday then at $515-514
- Buyers trapped at the open below $511 looking to play short off a break and retest from $510 targeting $508
- I would only like to play long if price can reclaim and find support above $511 targeting $513 then $514
SPX - Key Demand $5035 - 5050 then Supply above at $5177-5167
1. Buyers trapped below $5170 looking to play short targeting $5130 then $5110
2. Only looking to play long if buyers can reclaim and find support above $5180 targeting $5200
/NQ - Key Demand at $17800-17850 with Supply above at $18350 then at $18430
1. Sellers trapped below $18150 looking to play short targeting targeting $18050
2. Buyers breakout above 18200 and hold I will look to play long targeting $18300
QQQ - Key demand at $421-423 with Supply above at $435-437
1. Buyers trapped at the open below $435 looking to play a break and retest short targeting $430 then $428
2. Sell off at the open failed to break below $421 looking to play long from demand off a break and retest targeting $425 then $427
AAPL - Demand flipped to Supply at $172-174 with Demand below at $167-168
1. Buyers trapped below $174 looking to play short targeting $171
2. Sellers trapped above $174 looking to play long after finding support
LYV - Bad news with Live Nation getting sued by GOV. ( GAP Down Overnight)
- Gap Downs at $98-97 (95-94) and at $92
- Not looking long , will play short after a pull back and bounce from either
$92, 95 or 98 targeting new LOD
As ALWAYS, have your stops in place!!!
Have a great day!
| 
