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Good Monday morning!
FED meeting this week and NVDA just split 10:1 so we could see some heightened volatility in the next few trading days so be prepared. The Federal Open Market Committee starts their two day meeting on Tuesday and concludes with a decision on interest rates Wednesday afternoon @ 2:00 PM EST. Right now there is a 99.4% chance of no change to current FED rates so it will all be about what they say moving forward.
Markets notched new all time highs again last week so the bulls still retain control as of now. Any price action in the SPX that stays above the 5331-5341 area will keep the bullish trend intact. There is still zero fear in this market (as noted by the VIX) and sellers seem to be in hibernation. Obviously things can change and turn on a dime but until we start to see liquidation breaks that actually hold, the bulls remain in charge.
Futures are only slightly lower this morning and overnight inventory is mixed. We are also inside of Friday's range so it is a coin toss today as far as who wins the battle. There is no economic data today so things could be very choppy and "responsive", meaning back and forth quite a bit.
Please keep an eye on the profile pic below and the key levels to watch for today. Anything between 5350 - 5360 in the /ES is neutral while anything below that range could be more bearish and anything above could turn more bullish. Look for target levels should there be a move outside of said range.
SBUX: No change. We are keeping stops and targets in place for now.
VPOC Update: No new VPOC's yesterday. We have 22 VPOC's and all are below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5370 - 5375
Key Levels: 5359.75 POC & Overnight High
downside target is: 5338 - 5330
/NQ upside target is: 19,090 - 19,110
Key Level: 18,992 Prior Day Low
downside target is : 18,975 - 18,960
RTY upside target is: 2044 - 2049
downside target is: 2015 - 2005
Economic Data: NOTHING ON TAP FOR TODAY!
More Color.......
/ES - Key demand at $5329-37 with Supply above at $5385-5370
1. A breakdown below $5370 and holding after a pullback I will look to play short targeting $5350 then $5335
2. Sellers trapped above $5329 after a sell off looking to play long off a break and retest targeting $5340 then $5350
3. A breakdown below $5320 I will look to play short
SPY - Key Demand $531-532 with Supply above at $537-536
1. Sellers trapped above $532 looking to play long off a break and retest
target $534 then $5335
2. Buyers trapped below $536 after a break and retest looking to play short
targeting $533 then $532
SPX Key Demand at $5330 - 5340 with Supply above at $5375-5370
1. A breakdown below $5370 and retest I will look to play short targeting
$5300
2. A bounce and GO above $5330 I will look to play long targeting $5355 then $5370
/NQ Key Demand at $18940 LOD then at $18990 -19020 / Supply at $19155
1. Sellers trapped above $18980 looking to play long targeting $19020
2. A breakdown below $18970 and hold after a pullback I will look to play
short targeting new LOD
QQQ Key Demand at $460 - 461 with Supply above at $466-465
1. Sellers trapped above $462 looking to play long off a break and retest
from $461 targeting $464 then $465 new HOD
2. Buyers trapped below $465 playing short after a break and retest ,
targeting $463-461
AMD Gap DOWN Demand flipped to Supply
1. Buyers trapped below $166 looking to play short off a retest from $165
targeting $162 then $160
TSLA Key Demand at $175-176 with Supply above at $179
1. Sellers trapped above $175 playing Long from $176 targeting $178
As ALWAYS, have your stops & targets in place and have a great day!!!
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