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Good Monday morning,
After a large gap lower on Friday, futures are rebounding this morning, but still well below the prior day's range. This is bearish and unless price can move back above 6,360, then this will remain edge to the bears. This bounce is just a reaction to the big down day Friday as inventory re-balances. Please check out today's game-plan below.
📊 In the profile pic and key levels below, futures are gapping higher but still within Friday's range. The first key level is the prior high at 6,311. If buyers can push price above that level, then there might be more of a short squeeze to upper targets at 6,340 - 6,350, then gap fill to Friday's low at 6,360. If sellers keep it below 6,311, then look for a move down to VAH (Value Area High) at 6,281 and lower targets around 6,270. The POC at 6,265 could also be in play so keep an eye out for tempo and momentum to the downside. Further selling would bring 6,250 - 6,240 into play.
Futures are currently trading at 6,300 at the time of this writing.
🧭 VPOC Update: Another new VPOC was added above Friday at 6,374.50 after that huge gap down. Also, 6,336 was below price but now it is above, again, because of the large gap lower Friday. We now have two above and four below current price.
Current VPOCs: Those in BOLD are above current price
- 6,374.50
- 6,336.00
- 6,283.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,340 - 6,350
Key Levels: 6,311.50 Prior High
downside target is: 6,280 - 6,270
/NQ upside target is: 23,225 - 23,235
Key Level: 23,095 Prior High
downside target is : 22,940 - 22,930
/RTY upside target is: 2,210 - 2,215
downside target is: 2,170 - 2,160
Economic Data : Very Light Today
Factory Orders @ 10:00 a.m. EST
More Color By : Rich Rickus
1. /ES - Key Demand $63240- 6325 Supply above at $6475
Bullish : Sellers trapped above $6340 looking to play a break and retest above $6250 long targeting $6305 then $6330
Bearish Buyers trapped below 6350 looking to play short after a break and retest below $6235 targeting $6200 then a break down into $6285
2. SPY - Key demand at $626-625 with Supply above at $630
Bullish Sellers trapped above $626 looking to play a break and retest from $627 long targeting $629 then a breakout into high $630
Bearish Buyers trapped below $625 after a break and retest below $624 targeting $623 then a breakdown into $622
3. /NQ - Key demand at $23300 with Supply above at $26150
Bullish Sellers trapped above $23225 looking to play a break and retest above $23250 long targeting $23400 then a breakout back into low $23500’s
Bearish Buyers trapped below $23100 looking to play short from below $23100 targeting $22800
4. QQQ - Key Demand at $560 with Supply at $563 -564
Bullish Sellers trapped above $560 looking to play a break and retest from $561 targeting $563 then a breakout into high $564s
Bearish Buyers trapped below $559 looking to play a break and retest below targeting $557 then $556
5. AMD - Key Supply at $178 demands below that 165
Bearish : I am looking for buyers to be trapped below $179 to play a break and retest from $178.
Bullish : I only wanna play long if we can reclaim support above $178 playing a break and retest above $179
Have a great day!
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