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Good Wednesday morning,
There seems to be no end in sight as the S&P and NDX keep hitting new all time highs after all time highs! So just how far can we float up?!? There is no way to know that exact answer, however, we can be ready for when the rug gets pulled and the trap door swings open, hurting those people with poor trade location. From here on out, we need to take a day by day approach and look to get on the short side once the sellers show up. And I mean REALLY show up!
📊 In the profile pic and key levels, futures are gapping above the prior day's high once again, this time over 6,470. This will be the first key level to watch just like yesterday, and the POC is very close as well at 6,468. As long as price stays above this range, then buyers remain in control, so look for upper targets at 6,510 - 6,520. If buying pressure continues, then our extended targets at 6,550 - 6,560 would be in play. If sellers take price back below 6,470, then look for a move back down to the overnight low at 6,461, then look for lower targets at 6,460 - 6,450. Further liquidation could see 6,430 - 6,410.
Futures are currently trading at 6,487 at the time of this writing.
🧭 VPOC Update: No new VPOC's were added or taken out yesterday. We still have none above and five below the current price.
Current VPOCs:
- 6,367.50
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,510 - 6,520
Key Levels: 6,470 Prior High & 6,468 POC
downside target is: 6,.460 - 6,450
/NQ upside target is: 24,125 - 24,150
Key Level: 23,950 Prior High
downside target is : 23,900 - 23,875
/RTY upside target is: 2,325 - 2,330
downside target is: 2,235 - 2,230
Economic Data :
EIA Petroleum Status Report @ 10:30 AM ET
More Color By : Rich Rickus
1. ES - Key Demand $6445 Supply above at $6485
Bullish : Sellers trapped above $6445 looking to play a break and retest above $6450 long targeting $6480 then $6500
Bearish Buyers trapped below $6430 looking to play short after a break and retest below $6425 targeting $6380 then a break down into $6365
2. SPY Key demand at $640 with Supply above at $644
Bullish Sellers trapped above $640 looking to play a break and retest from $641 long targeting $643 then a breakout into high $645
Bearish Buyers trapped below $640 after a break and retest below $639 targeting $637 then a breakdown into $635
3. /NQ Key demand at $23800 with Supply above at $24016
Bullish Sellers trapped above $23800 looking to play a break and retest above $23850 long targeting $23950 then a breakout back into low $24100
Bearish Buyers trapped below $23800 looking to play short from below $23775 targeting $23550
4. QQQ Key Demand at $576-577 with Supply at $582
Bullish Sellers trapped above $577 looking to play a break and retest from $578 targeting $580 then a breakout into high $581
Bearish Buyers trapped below $576 looking to play a break and retest below targeting $575 then $574
5. AAPL - Key Demand at $224 with Supply above at $231
Bullish - Sellers trapped above $224 after a break and retest from $225 looking to play LONG targeting $228 then a breakout into $230s
Bearish - Buyers trapped below $224 after a break and retest from $223 to play short targeting $221 then breakdown into $219
6. TSLA - Key Demand at $330-332 with Supply above at $346
Bullish - Sellers trapped above $332 after a break and retest from $333 looking to play LONG targeting $335 then a breakout into $336
Bearish - Buyers trapped below $330 after a break and retest from $329 to play short targeting $327 then breakdown into $325
Have a great day!
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