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Good Thursday morning!
Status quo remains as we are still one time framing higher and the value areas and POC's (Points of Control) keep building higher as well. This confirms that the trend and bias is still up for now. Will it remain bright and sunny or will the clouds darken and storms roll in? Time will tell!
PLEASE REMEMBER....this market can break lower at any time as we just keep floating higher and higher and higher, and I've been saying the odds are increasing for this to happen, but again, I do not have a crystal ball so you will have to stay vigilant! Don't fight this tape but stay cautious as things can turn on a dime. FYI I do not have any short trades on at the moment and I am net long, but I am ready to lock in profits and switch sides when I see the break!
This morning futures are higher and we are inside of prior days range. 5655.25 is yesterday's high so if that gets taken out look for upper targets. As the key levels and profile pic show, any price action that now stays above the 5635-5643 area is edge to the bulls. IF 5635 were to get taken out then look for lower targets and then yesterday's low @ 5613.50. A loss of that level would stop one time framing.
VPOC Update: No new VPOC's were added yesterday. 5699.50 remains above current prices and we still have 22 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5660 - 5665
Key Levels: 5635 POC & 1/2 Back
downside target is: 5620 - 5610
/NQ upside target is: 20,000 - 20,025
Key Level: 19,915 Value Area High & Settlement
downside target is : 19,850 - 19,800
/RTY upside target is: 2190 - 2195
downside target is: 2160 - 2155
Economic Data: Light Today But Key Reports
Jobless Claims @ 8:30 AM EST
PMI Composite Flash @ 9:15 AM EST
Natural Gas Inventories @ 10:30 AM EST
Existing Home Sales @ 10:00 AM EST
More Color....... By Analyst Rich Rickus
/ES - Demand $5630 - 5633 with Supply at $5665 HOD -5650
1. Buyers trapped below $5650 and holding below after a pullback looking to play SHORT targeting $5635 then 5622
2. Sellers trapped above $5630 looking to play long targeting $5645 then new HOD
SPY - Demand that was previously Supply at $559 / Supply at $563 -562 HOD
1. Buyers trapped below $559 after a break and retest from $558 looking to play short targeting $557 then $555
2. Sellers trapped above $559 looking to play long from a break and retest from $560 targeting $561 then $563
/NQ Key Demand at then at $19852 then at $19741 with Supply at $19981-55
1. Sellers trapped above $19852 looking to play long targeting 19900 $19955
2. Buyers are trapped below $19850 and holding , looking to play short
targeting $19820 then $19785
QQQ Key Supply flipped to Demand at $481 with Supply at $483-484 HOD
1. Sellers trapped above $481 I want to play long off a break and retest from $482 targeting $483 then new HOD
2. Buyers trapped below $481 after a break and retest below $480 looking to play short targeting $479 then $478.60
Also watching ...
DJT Key Demand at $22-23 then below at $21 LOD / Supply at $26-25.50
(playing this primarily off of RFK news / joining endorsing TRUMP )
1. Looking to grab Shares above $22 below $24.50 will also be looking to grab (AUG) $23.5 /24 CALLS ITM after a pullback to KEY DEMAND
2. A sell off below $22 I will look to grab Shares Options above $19.50
Same range as yesterday
AMD Key demand at $153 with Supply above at $158 then $162 HOD
1. Buyers trapped below $154 after a break and retest from $153 looking to play SHORT targeting $152 then $150
2. Sellers trapped above $154 playing a break and retest from $155 playing long targeting $158 then $160
NVDA Key Supply flipped to demand at $125-126 with supply above at $131
1. Sellers trapped above $125 playing a break and retest from $126 LONG targeting $128 then $130
2. Buyers trapped below $125 and I will look to play short off a break and retest from $124 targeting $ 123 then $122
Have a great day!
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