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Good morning!
Another wild ride yesterday as buyers had the markets above Monday and Tuesday's range, and even back into Friday's gap, however, sellers came back in with a vengeance @ 11:30 AM EST and basically did not stop selling until the markets went back down to Tuesdays lows and we basically closed there on a double bottom!
We are now in a huge volatility range the past 4 days of over 200 points in the /ES and a whopping 500 points in the /NQ's! There is great opportunity however there are also great risks so be careful. The markets right now seem to be in a manipulation phase where prices just keep getting pushed and pulled with quick and violent bursts and this can make it very difficult to stay with your positions! Trade carefully!!
Case in point, as of this writing, the futures were trading @ 5228, very muted and mixed coming into the 8:30 AM Jobless Claims numbers, which generally does not move the markets very much, however, for some reason, the data came in @ 233K vs 242K (not a very big difference and basically a rounding error) yet the futures just exploded higher on the results! Watch your backs today as the games are ramping up to epic levels!
In the key levels and targets below, we were below the key levels of 5239 and 5254, but are now significantly higher (almost 50 points in minutes) so look for upper targets at this point!
VPOC Update: No new VPOC's added or lost yesterday. We still have 5 above and 19 below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5295 - 5305
Key Levels: 5254 & 5222
downside target is: 5200 - 5190
/NQ upside target is: 18,370 - 18,400
Key Level: 18,256 1/2 Back
downside target is : 17,750 - 17,700
/RTY upside target is: 2075 - 2085
downside target is: 2025 - 2015
Economic Data:
Jobless Claims @ 8:30 AM EST
Wholesale Inventories @ 10:00 AM EST
Natural Gas Inventories @ 10:30 AM EST
More Color.......
/ES - Demand $5182-65 with Supply at $5340 then at $5300
1. Buyers trapped below $5240 and holding below after a pullback looking to play SHORT targeting $5230 then $$5225
2. Sellers trapped above $5242 looking to play long targeting $5260 then 5290
SPY - Demand at $510-508 with Supply at $523-522
1. Buyers trapped below $522 after a break and retest from $521 looking to play short targeting $521 then $520
2. Sellers trapped above $524 looking to play long from a break and retest from $5245 targeting $527
/NQ Key Demand at $17737- 17800 and at $17964 then with Supply at $18150
1. Sellers trapped above $18024 looking to play long targeting $18150
2. Buyers are trapped below $17964 and holding , looking to play short
targeting $17940 then $17900
QQQ Demand at tat $432-433 with Supply above at $441 and $447
1. Sellers trapped above $433 looking to play long off a break and retest
from $434 targeting $436 then $437
2. Buyers trapped below $448 after a break and retest below $447 playing short targeting $445 then $444
Also watching ...
AAPL Key demand at $206-207 with Supply above at $212-213
1. Sellers trapped above $206 after new LOD and no follow through within demand looking to play LONG targeting $208 then $209
2. Buyer trapped below $214 after a morning breakout and range below NEW HOD looking to SHORT from Supply targeting $212 then $211
AMZN LOD GAP up pre market at $161 with Supply at $165 then$167 HOD
1. Sellers trapped above $160 playing a GAP and GO from $161 after a
bounce, playing long targeting $163 then $164
TSLA Key Demand at $188.5 LOD pre / with Supply above at $197 then $200
1. Sellers trapped above 190 looking to play a GAP and GO LONG or a reclaim of support after a break out above $198 where Supply flips back to demand
2. Buyers trapped below $197 playing a break and retest short from $196 targeting $195 then $193
Have a great day!
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