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Good Monday morning!
As we enter the last day of the quarter, the markets have held up exceptionally well and the rotation trade continues. DOW and S&P continue to hit news all time highs and many groups continue to get plenty of buyers like: XLU (Utilities), XLC (Communications), XLF (Financials), XLP (Consumer Staples), XLI (Industrials), XLB (Materials), XLY (Consumer Discretionary) as many hit new 52 week or all time highs last week! Point is it's not all about just the large cap tech stocks anymore.
That being said, there is weakness this morning as futures are lower and we are below prior days range on a potential true gap down. I say potential because between now and the opening bell, we may or may not be back inside Friday's range. The key will be whether or not buyers step back in and commence their operations today and take us back into Friday's range above 5782. Any price and value that stays and builds below prior days range will signal we could have a short term top last week on Thursday and to start looking for lower targets.
As you look at the key levels and profile pic below, once again the first and most important thing is Friday's low, so if price stays below then look for further weakness. Any move back into prior days range look for overnight 1/2 back, then POC @ 5797 then Friday's 1/2 back, then possibly upper targets.
N.B. FED Chair Powell speaks today @ 1:00 PM EST which may or may not move the markets.
VPOC Update: No new VPOC's were added Friday and we still 23 below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5815 - 5825
Key Levels: 5797 - 5802 POC - 1/2 Back
downside target is: 5770 - 5760 then 5745-5740
/NQ upside target is: 20,345 - 20,385
Key Level: 20,253 POC & 20,278 1/2 Back
downside target is : 20,125 - 20,100
/RTY upside target is: 2260 - 2270
downside target is: 2225 - 2235
Economic Data:
2-Yr Note Settlement
5-Yr Note Settlement
7-Yr Note Settlement
10-Yr TIPS Settlement
20-Yr Bond Settlement
Michelle Bowman Speaks @ 8:50 AM ET
Chicago PMI @ 9:45 AM ET
Dallas Fed Manufacturing Survey @ 10:30 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction @ 11:30 AM ET
Jerome Powell Speaks @ 1:00 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand at $5754-67 then at $5725 with Supply above at $5805 then $5830
Bearish
Buyers trapped below $5754 after a pullback below $5750 looking to play SHORT targeting $5730 then $5720
Bullish
Sellers trapped above $5755 after a break and retest above $5758 $5770 playing LONG targeting $5788 then $5800
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SPY - Demand at $567-568 then at $565 w / Supply at $573-572
Bullish
Sellers trapped above $567 after a break and retest from $568 looking to play LONG targeting $570 then $571
Bearish
Buyers trapped below $573 after a retest from $572 targeting $570 then $569
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/NQ - Key Demand at $19870-20000 then at $19550 with Supply at $20700 & $20400
Bullish
Sellers trapped above $19870 looking to play long targeting $20000 then $20100
Bearish
Buyers trapped below $19800 and holding , looking to play short targeting $19750 then $19680
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QQQ - Key Demand at $480-481 then at $484 with Supply above at $490-491
Bullish
Sellers trapped above $484 looking to play long from a break and retest at $485 targeting $487 then $488
Bearish
Buyers trapped below $484 after a break and retest below $483 looking to play short targeting $481 then $480
Have a great day!
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