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Good Tuesday morning!
Yesterday we had what's called a classic "balance day" where the range was relatively tight and the markets essentially closed almost where they opened! These days happen when traders and investors are awaiting new information or are just digesting what has just happened, i.e. FED rate cut last week. While it can be a bit frustrating for some while it is happening during trading hours with all the back and forth chop, the good news is that once it breaks out of this tight range, the new trade is usually relatively easy to spot...long above the consolidation or short below...it can be that simple!
In the profile pic below, you can see the value area where it is a compact and tight range and any price between 5776.50 - 5765.50 will remain in balance, which is a possibility. Once price either gets above or below then we should be looking for either upper or lower targets today. 5771 is even another key level which will give you a head start where price will either stay supported and buyers take it higher, or that level is lost and sellers start to get more aggressive. Just let the market tell you what it wants to do instead of trying to guess which way it will go.
VPOC Update: No new VPOC's were added yesterday above and 23 below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5795-5805
Key Levels: 5771 POC & 1/2 Back
downside target is: 5755 - 5745
/NQ upside target is: 20,170 - 20,195
Key Level: 20,075 POC
downside target is : 19,995 - 19,975
/RTY upside target is: 2270 - 2280
downside target is: 2225 - 2220
Economic Data: Busy Day ...
Case-Shiller Home Price Index @ 9:00 AM ET
Michelle Bowman Speaks @ 9:00 AM ET
FHFA House Price Index @ 9:00 AM ET
Consumer Confidence @10:00 AM ET
Richmond Fed Manufacturing Index @10:00 AM ET
Treasury Buyback Announcement @ 11:00 AM ET
Treasury Buyback Announcement (Preliminary) @ 11:00 AM
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @ 11:00 AM ET
2-Yr Note Auction @ 1:00 PM ET
Money Supply @ 1:00 PM ET
Treasury Buyback Results @2:00 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand at $5725-5735 then at $5680 with Supply at $5800
Bearish
Buyers trapped below $5725 and holding below after a pullback below $5720 looking to play SHORT targeting $5685 then $5688
Bullish
Sellers trapped above $5725 after a break and retest from $5730 playing LONG targeting $5750 then95
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SPY - Demand at $566-568 then at $570 w / Supply at $571-572
Bullish
Sellers trapped above $568 after a break and retest from $569 looking to play LONG targeting $570 then $571
Bearish
Buyers trapped below $568 after a retest below $567 targeting $565 then $564
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/NQ - Key Demand at $19845 -19905 with Supply at $20200 -20205
Bullish
Sellers trapped above $19849 looking to play long targeting $19905 then 20050
Bearish
Buyers trapped below $19830 and holding , looking to play short targeting $19750
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QQQ - Key Demand at $476-477 with Supply above at $486-487
Bullish
Sellers trapped above $476 looking to play long from a break and retest at $477 targeting $479 then $480
Bearish
Buyers trapped below $476 after a break and retest below $475 looking to play short targeting $474 then $473
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TSLA - Key Demand at $248-249 with Supply above at $254-255
Bullish
Sellers trapped above $248 looking to play a GAP and Go Long targeting $250 then $252
Bearish
Buyers trapped below $247 after a break and retest targeting $245 then $244
Have a great day!
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