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Good Tuesday morning!
As we enter the first trading day with a new president, futures are higher across the board and even though the markets were closed yesterday, the futures were very active! You can see I put a box around the Monday session in the profile pic below. At this moment, S&P futures are up about 30 handles, the DOW futures are up around 185 points and the NASDAQ futures are higher by almost 125 points.
Today there is not much on the economic calendar but we are still just getting into the busy earnings season with many more companies reporting this week and next. Today after the close NFLX will report earnings as well as Capital One Financial and United Airlines. All eyes of course will be on the top tech firms and AI leaders like NVDA, but they won't report until February 26th.
For today, as you can see in the profile pic and key target levels below, futures are trading over Friday's high and into the Monday trading session, which again, even though the markets were closed, futures were very, very active . Point being is that as long as we stay above Friday's high of 6051.50 and in the Monday trading range, then the bulls remain in control and look for upper targets . By the way, the upper targets were already hit in the overnight session, however, we need to see if they get hit during the regular trading hours as well. Now, if Friday's high is lost and futures break below 6051.50, then look for the Point of Control at 6033.50, and then anything below that, look for lower targets of 6000 to 5990! Futures are trading @ 6063 at the time of this writing.
VPOC Update: A new VPOC was added on Friday @ 5985.75, so we still have 4 above and now 28 below. 6100 is the closest above and could be in play in the very near future and 5985.75 is now the closest below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6075 - 6085
Key Levels: 6051.50 Prior High then 6033.50 POC
downside target is: 6000 - 5990
/NQ upside target is: 21,725 - 21,755
Key Level: 21,672 Prior High
downside target is : 21,400 - 21,370
/RTY upside target is: 2340 - 2350
downside target is: 2290 - 2280
Economic Data:
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
Treasury Buyback Announcement (Preliminary) @11:00 AM ET
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @ 11:00 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction @ 11:30 AM ET
52-Week Bill Auction @ 1:00 PM ET
More Color....... By Analyst Rich Rickus
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ES - Supply flipped to demand at 5950 with new supply above at $6017-20
Bearish
Buyers trapped below $5950 after a pullback below $5940 looking to play SHORT targeting $5910 then $5885
Bullish
Sellers trapped above $5950 after a break and retest above $5960 playing LONG targeting $6015 then $6030
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SPY - Supply flipped to Demand at $ 589- 588 with new supply above at $596
Bullish
Sellers trapped above $588 after a break and retest above $589 targeting $592 then $593
Bearish
Buyers trapped below $588 after a retest from $587 targeting $586 then breakdown into $585
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/NQ - Key Demand at $21100 with Supply $21400
Bullish
Sellers trapped above 21100 looking to play long after a pullback holds above $21120 targeting $21225 then a breakout into $21300
Bearish
Buyers trapped below $21100 looking to play SHORT after a pullback holds below $21088 looking to play short targeting $20900 then a breakdown into $20800
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QQQ - Supply flipped to Demand at $511-510 with new Supply above at $520-521
Bullish
Sellers trapped above $510 looking to play long from a break and retest at $511 targeting high $512 then a breakout into $513
Bearish
Buyers trapped below $510 after a break and retest below $509 looking to play short targeting $508 then mid high $507
Have a great day!
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