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Good Thursday morning!
Another win for the bulls yesterday and that makes 7 out of 8 up days for the S&P since the Monday, August 5th low. It is also the fastest time in history that the VIX dropped from north of 60 to back below 17, which is the yearly average, so it just goes to show you how fast that drop and fear were short lived!!!
Markets rallied again yesterday and the upside targets are getting dropped like bowling pins!! First it was 5400 and then the gap fill to the August 1st low @ 5445. Next stop is @ 5500 then possibly 5555. You can't put anything past the bulls at this time as we are back in fantasy land! By the way the market is front running the FED rates cuts next month so it is, in my opinion, a "buy the rumor, sell the news" event coming up!
As of this writing, futures are higher on 90% net long overnight inventory, and we are now above yesterdays high of 5487.75. Whether or not we stay above that before the opening bell is anyone's guess. I say that because we have a HUGE amount of economic data coming out prior to the opening bell so check out the list below.
The profile pic and key levels will guide you today so please check them out! 5472 - 5463 or above keeps bulls in control. Anything that stays above yesterday's high is even more bullish. Things would only change below 5463 which I would then look for downside targets of 5440-5430.
VPOC Update: No new VPOC's were added yesterday although 5467.25 was taken out above! n play, was taken out! We only have 2 above now and 20 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5500 - 5510
Key Levels: 5472 - 5463 POC, 1/2 Back & Overnight Low
downside target is: 5440 - 5430
/NQ upside target is: 19,275 - 19,325
Key Level: 19,080 - 19,065 POC & 1/2 Back
downside target is : 19,050 - 19,900
/RTY upside target is: 2115 - 2120
downside target is: 2080 - 2070
Economic Data: VERY BUSY TODAY!
Jobless Claims @ 8:30 AM EST
Retail Sales @ 8:30 AM EST
Philly Fed Manufacturing Index @ 8:30 AM EST
Empire State Manufacturing Index @ 8:30 AM EST
Import & Export Prices @ 8:30 AM EST
Industrial Production @ 9:15 AM EST
Business Inventories @ 10:00 AM EST
Housing Market Index @ 10:00 AM EST
Natural Gas Inventories @ 10:30 AM EST
More Color.......
/ES - Demand $5438 the at $5394-5400 with Supply at $5487-79
1. Buyers trapped below $5435 and holding below after a pullback looking to play SHORT targeting $5415 then $5405
2. Sellers trapped above $5438 looking to play long targeting $5455 then $5465
SPY - Demand at $538-540 with Supply at $545 HOD
1. Buyers trapped below $539 after a break and retest from $539 looking to play short targeting $537 then $536
2. Sellers trapped above $540 looking to play long from a break and retest from $541 targeting $543 then $544
/NQ Key Demand at $18920-18880 then at $18768 with Supply at $ 19161
1. Sellers trapped above $18920 looking to play long targeting $19000
2. Buyers are trapped below $18880 and holding , looking to play short
targeting $18850 then $18800
QQQ Supply flipped to Demand at $455 then at $458 with Supply at $465
1. Sellers trapped above $458 I want to play long off a break and retest
from$459 targeting $461 then $462
1. Buyers trapped below $470 after a break and retest below $469 looking to play short targeting $465 then $463
Also watching ...
NVDA Supply flipped to demand at $111-112 with Supply at $120
1. Sellers trapped above $112 playing a break and retest from $113 LONG targeting $116 then $119
2. Buyers trapped below $111 and I will look to play short targeting $109 then $107
AMD Key Supply flipped to Demand at $138-139 with Supply above at $143
1. Sellers trapped above $137 looking to play long from a break and retest from $138 targeting $140 then $142
2. Buyers trapped below at $144 looking to play short targeting $142 then $141
Have a great day!
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