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Good Tuesday morning,
The bounce yesterday was short-lived, and sellers are right back at it today. After Friday's wreckage, it seemed like people were buying the dip yesterday; however, unless price can get back into Monday's range, back above 6,661.75, and back up towards the POC at 6,695, then the bears will be in full control! It's really that simple.
📊 In the profile pic and key levels, futures are lower across the board with a true gap beneath yesterday's low at 6,661.75. As stated, unless buyers push the price back above that level, it is only a matter of time before more liquidation occurs, so look for downside targets.
Now, IF buyers take price back over Monday's low, look for VAL and upper targets. There is only a 10% chance that buyers will take price back up to the POC at 6,695!. Let that sink in for a minute! Lastly, because there is a true gap with overnight inventory about 95% net short, there is a decent chance for a fade higher first. Keep an eye out for a look below and fail of the overnight low at 6,605.75, or a long over a one-minute high if the overnight is not tested!
Futures are currently trading at 6,630 at the time of this writing.
🧭 VPOC Update: A new VPOC was added below at 6,595.50, so we are back to 8 below with still none above! There is a high probability that we will put our first VPOC at 6,695 above price in several weeks! 6,595.50 is certainly in play to the downside today!
* VPOC's have been updated below!
Current VPOCs:
- 6,595.50
- 6,562.25
- 6,529.00
- 6,502.50
- 6,450.00
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,675 - 6,685
Key Levels: 6,661.75 Prior Low
downside target is: 6,575 - 6,555
/NQ upside target is: 24,860 - 24,900
Key Level: 24,724.50 Prior Low
downside target is: 24,350 - 24,300
/RTY upside target is: 2,460 - 2,470
downside target is: 2,420 - 2,410
Economic Data: Light Day Today
Jerome Powell Speaks @ 12:20 pm
More Color By: Rich Rickus
1. /ES - Key Demand $6540 then at $6625 Supply above at $6715-25
Bullish : Sellers trapped above $6675 looking to play a break and retest above $6680 long targeting $6735 then $6750
Bearish Buyers trapped below $6625 looking to play short after a break and retest below $6620 targeting $6575 a break down into $6540s
2. SPY Key demand at $652 and and 647 with Supply above at $665-664
Bullish Sellers trapped above $664 looking to play a break and retest from $665 long targeting $667 then a breakout into high $668 new HOD
Bearish Buyers trapped below $660 after a break and retest below $659 targeting $656 then a breakdown into $655
3. /NQ Key demand at $24700-20 with Supply above at $25030-50
Bullish Sellers trapped above $24800 looking to play a break and retest above $24820 long targeting $25005 then a breakout back into low $25100’s
Bearish Buyers trapped below $24950 looking to play short from below $24945 targeting $24875 then $24830
4. QQQ Key Demand at $601 with Supply at $606
Bullish Sellers trapped above $601 looking to play a break and retest from $602 targeting $604 then a breakout into high $606
Bearish Buyers trapped below $601 looking to play a break and retest below $600 targeting $598 then $596
Have a great day!
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