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Good Monday morning!!
New all time highs again Friday as the S&P basically hit 6100 and the NDX hit 21,626. Buyers are still very much in control and trend continues to be up, so as we've been saying for a few weeks now, don't fight the tape. There's an old saying that states: "The market can stay irrational longer than you can stay solvent!" So basically the market can keep going up, or down, for much longer periods of time than you can ever imagine, and when you try to fight this, it usually ends up hurting you.
As you can see in the target levels and profile pic below, we are in a two day balance area (as identified by the yellow shaded areas) and until we break out one way or the other, expect chop and small ranges today! Again, longer term is up, however, we can go sideways and balance, or digest, recent moves. A pause in a trend does NOT mean a reversal! Please remember that! Now as the market keeps drifting and floating higher and higher each day, the market is subject to a liquidation break at any time, but no one knows for sure when this will happen. That's why we give you the key target levels each day!
The first key line in the sand today is the POC @ 6098.25. That is your initial tell whether buyers or sellers are winning. If the buyers get above that level then look for upper targets. If futures are between 6098.25 - 6090, then it is a stalemate and balance between buyers and sellers. If 6090 gets taken out to the downside, then look for lower targets! Economic data is light so it will all be about who takes the next step ahead...buyers or sellers! Futures are trading @ 6096 at the time of this writing.
VPOC Update: No new VPOC's added Friday so we still have 30 below current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6110 - 6120
Key Levels: 6098.25 POC @ 6090 Poor Low
downside target is: 6075 - 6070
/NQ upside target is: 21,700 - 21,725
Key Level: 21,625 POC
downside target is : 21,575 - 21,550
/RTY upside target is: 2420 - 2425
downside target is: 2395 - 2390
Economic Data: Light
Wholesale Inventories (Preliminary) @ 10:00 AM ET
Treasury Buyback Announcement @ 11:00 AM ET
Treasury Buyback Announcement (Preliminary) @ 11:00 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction
More Color....... By Analyst Rich Rickus
Same Range as Friday
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/ES - Demand previous $6060-70 Supply at with Supply at $6090
As long as price remains above $6060 I want to be playing LONG
Bearish
Buyers trapped below $6060 after a pullback below $6050 looking to play SHORT targeting $6030 then $6015
Bullish
Sellers trapped above $6070 after a break and retest above $6075 playing LONG targeting $6085 then new HOD
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SPY - Supply flipped to Demand at $603-604 with Supply $606-607
Bullish
Sellers trapped above $603.55 after a break and retest above $604 looking to play LONG targeting high $605 then low $606
Bearish
Buyers trapped below $603 after a retest from $602 targeting $600 then $598
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/NQ - Key Demand at $21385-80 then below at $21305 that at with Supply at $21500
Bullish
Sellers trapped above $21300 looking to play long after a pullback holds above $21305 targeting $21400 then $21440
Bearish
Buyers trapped below $21305 and holding below $21300 looking to play short targeting $21140
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QQQ - Key Demand at $516-517 that was previous Supply then Supply above at $522 HOD
Bullish
Sellers trapped above $516 looking to play long from a break and retest at $517 targeting high $518 then a breakout into $519
Bearish
Buyers trapped below $516 after a break and retest below $515 looking to play short targeting $513 then mid high $512
Also Watching
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NVDA Supply flipped to Demand at $140-141 with Supply at $146 HOD
Bearish
Buyers trapped below $140 after a break and retest from $139 looking to play SHORT TARGETING $ $137then new $136
Bullish
Sellers trapped above $140 after a break and retest from $141 looking to play long targeting $143 then $144
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AMD Key Supply flipped to Demand at $140 -141 with Supply above at $144
Bullish
Sellers trapped above $140 after a break and retest from $141 looking to play long targeting $143 then $144
Bearish
Buyers trapped below $140 after a break and retest from $139 looking to play SHORT TARGETING $ $137then new $136
Have a great day!
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