|
Good Wednesday morning!!
Let me first start off by saying Happy Thanksgiving to everyone and we hope you enjoy this wonderful holiday tomorrow!!!! Take a break, eat some good food and turn things off for a day or two. We all need this every now and then and we hope you do the same. Remember, the market will always be here when you return!
**Also, as a quick public service announcement, since the markets are closed tomorrow, we have decided to also take Friday off so there will be no Morning Color on Friday November 29th. We will return to business as usual on Monday December 2nd!
Now as for today, the markets held up well yesterday, and while there was quite a bit of choppy trade, as we thought might happen, it was still choppy to higher! The buyers are still very present so the longer term trend continues to be up.
For today, try to keep it simple...use the target levels and profile pic as your roadmap for your trading. Any price that stays above the very key level of 6026 (and you can see why it is key in the pic below), then edge remains with the bulls. IF price takes out 6026, then there could be more selling pressure, on a short term basis. As I mentioned yesterday, I am still expecting more choppy, volatile trading and now you can clearly see the range to pay attention to today. Above 6026 look for upper targets and below 6026 look for lower targets. Lots on the economic calendar today so stay sharp!
Futures are mixed this morning and they are trading @ 6037 at the time of this writing. Again, expect the unexpected today! Chop is the call.
VPOC Update: Yes...another new VPOC below @ 6006.50 was added yesterday. None still above and back to 29 below current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6050 - 6060
Key Levels: 6026 POC, 1/2 Back and Overnight low
downside target is: 6010 - 6000
/NQ upside target is: 21,100 - 21,125
Key Level: 20,960 - 20,965 POC & 1/2 Back
downside target is : 20,925 - 20,900
/RTY upside target is: 2450 - 2460
downside target is: 2415 - 2405
Economic Data: VERY BUSY TODAY!
MBA Mortgage Applications @ 7:00 AM ET
Durable Goods Orders @ 8:30 AM ET
GDP @ 8:30 AM ET
International Trade in Goods (Advance) @ 8:30 AM ET
Jobless Claims @ 8:30 AM ET
Corporate Profits @ 8:30 AM ET
Retail Inventories (Advance) @ 8:30 AM ET
Wholesale Inventories (Advance) @ 8:30 AM ET
Chicago PMI @ 9:45 AM ET
Personal Income and Outlays @ 10:00 AM ET
Pending Home Sales Index @ 10:00 AM ET
EIA Petroleum Status Report @ 10:30 AM ET
3-Month Bill Announcement @ 11:00 AM ET
6-Month Bill Announcement @ 11:00 AM ET
Survey of Business Uncertainty @ 11:00 AM ET
4-Week Bill Auction @ 11:30 AM ET
8-Week Bill Auction @ 11:30 AM ET
4-Month Bill Auction @ 11:30 AM ET
EIA Natural Gas Report @ 12:00 PM ET
Baker Hughes Rig Count @ 1:00 PM ET
7-Yr Note Auction @ 1:00 PM ET
More Color....... By Analyst Rich Rickus
-
/ES - Demand $6010- 20 then below at $5979-$5990 with Supply at $6050- 40
Bearish
Buyers trapped below $6010 after a pullback below $6010-05 looking to play SHORT targeting $5980 then $5965
Bullish
Sellers trapped above $6010 after a break and retest above playing LONG targeting $6030 then new HOD
-
SPY - Demand at $598-597 previous Supply with NEW Supply above that at $601-602
Bullish
Sellers trapped above $598 after a break and retest above looking to play LONG targeting high $599 then low $601
Bearish
Buyers trapped below $597 after a retest from $596 targeting $595 then $594
-
/NQ - Key Demand at $20910-20900 then below at $20850 with Supply $21030
Bullish
Sellers trapped above $20900 looking to play long after a pullback holds above $20910 targeting $21000 than yesterday HOD at $21035
Bearish
Buyers trapped below $20905 and holding below $20900 looking to play short targeting $20840 then $20800
-
QQQ - Key Demand at $508- 507 with Supply above at $510
Bullish
Sellers trapped above $507 looking to play long from a break and retest at $508 targeting high $510s then $511 HOD
Bearish
Buyers trapped below $507 after a break and retest below $506 looking to play short targeting $505 then mid high $504s
-
NVDA Key Demand at $136-n 137 with Supply above at $139 and at $142 -143
Bearish
Sellers trapped below $137 after a break and retest below $136 looking to play short targeting $135 then $134
Bullish
Buyers trapped above $137 after a break and retest above $138 looking to play long targeting $140 then $141
-
AMZN Key Supply flipped to Demand at $199-200 with Supply at $207 HOD
Bullish
Sellers trapped above $199 after a break and retest from $200 playing long targeting high $206 then $208
Bearish
Buyers trapped below $199 after a break and retest from $198 playing short targeting $195 then $194
-
AMD Key Demand at $136 lod with Supply above at $143 then at $152
Bearish
- Buyers trapped below $143 looking to play a Short after a pullback below $142 targeting $141 then $139
Bullish
- Buyers trapped above $142 playing a break and retest from $143 looking to play Long targeting $145. 50 then $146
-
TSLA Supply flipped to Demand at $334-333 with Supply at $348-347
Bearish
Buyers trapped below $333 after a break and retest from $332 looking to play SHORT TARGETING $ $330 then new $329
Bullish
Sellers trapped above $334 after a break and retest from $335 looking to play long targeting $339 then $344
Have a great day and a Very Happy Thanksgiving!
| 
