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Good Tuesday morning!
What a bounce!!!
Well it just goes to show you how quickly things can change in the markets nowadays. Tariff announcements caused the markets to sell off very quickly on Friday afternoon and overnight Sunday, into Monday morning, however, after two phone calls with the Presidents of Mexico and Canada, President Trump decided to put the tariffs on hold for 30 days and the markets ripped right back up! You must stay very fluid with this current market because moves tend to be very sudden and violent and can seemingly come out of nowhere. There are great opportunities however the risks are just as present.
When you think about where futures were Monday morning before the bell at the overnight lows, and where they are now, this has been a HUGE reversal for market participants so the downside pressure has been relieved, at least for now. Futures are mixed this morning, however holding up relatively well above the Point of Control and above yesterday's halfback, and this is edge to the bulls at the moment.
In the profile pic and key levels below, you can see the POC is the first key level for today at 6022.50 and if buyers stay above the Point of Control then look for upper targets at 6045 to 6055. If sellers take price below 6022.50 then look for the lower key levels which are the top of the spike, value area low and half back all right around 6001!
This will be very important moving forward. If that level (6001) gets taken out then look for lower targets of 5975 to 5965. There's not much on the economic calendar today so it's all gonna be about how confident traders and investors around the world feel about the pause in tariffs. Futures are trading @ 6024 at the time of this writing.
VPOC Update: A new VPOC was put in yesterday @ 6068 so add that with 6148.50 and 6171 above. Also, one was taken out below @ 5985.75 so we now have 29 below with 5950 being the closest to current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6045 - 6055
Key Levels: 6022.50 POC
downside target is: 5975-5965
/NQ upside target is: 21,550 - 21,575
Key Level: 21,433 POC
downside target is : 21,140 - 21,120
/RTY upside target is: 2295 - 2305
downside target is: 2240 - 2230
Economic Data: GREEN STAR EVENTS
Motor Vehicle Sales
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
Factory Orders @ 10:00 AM ET
JOLTS @ 10:00 AM ET
Raphael Bostic Speaks @ 11:00 AM ET
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @ 11:00 AM ET
Mary Daly Speaks @ 2:00 PM ET
Philip Jefferson Speaks @ 7:30 PM ET
More Color....... By Analyst Rich Rickus
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ES Demand at $6000-6010 with Supply above at $6180
Bearish
Buyers trapped below $6000 after a pullback below $6010 looking to play SHORT targeting $6050 then $6075
Bullish
Sellers trapped above $6000 after a break and retest above $6010 playing LONG targeting $6050 then $60675
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SPY - Demand at $596-597 with Supply above at $599
Bullish
Sellers trapped above $596 after a break and retest above $597 targeting $598 then $599
Bearish
Buyers trapped below $593 after a retest from $592 targeting $591 then breakdown into $589
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/NQ - Key Demand at $21150 than above that at with Supply above at $21260
Bullish
Sellers trapped above $21260 looking to play long after a pullback holds above $21265 targeting $21700 then a breakout into $21790
Bearish
Buyers trapped below $21200 looking to play SHORT after a pullback holds below $21150 looking to play short targeting $21100 then a breakdown into $20900
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QQQ - Supply flipped to Demand at $517 with new Supply above at $521
Bullish
Sellers trapped above $517looking to play long from a break and retest at $518 targeting high $521 then a breakout into $523
Bearish
Buyers trapped below $517 after a break and retest below $516 looking to play short targeting $515 then mid high $513
Also watching
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NVDA Demand $112 then above that $115 with Supply at $120
Bearish
Buyers trapped below $114 after a break and retest from $113 looking to play SHORT TARGETING $ $111 then high $109
Bullish
Sellers trapped below $114 after a break and retest from $115 looking to play LONG TARGETING $ $117 then high $118
Have a great day!
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