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Good Wednesday morning!
So far from the sharp pullback starting Thursday morning @ 10:00 AM EST to Monday's lows of almost 450 points in the S&P, the buyers have certainly stepped back in and recovered almost 1/2 of those losses when the bell rings this morning @ 9:30 AM EST. Futures are up sharply again today, and so far, Monday's lows are secure...meaning book-ended by two higher lows!
The one thing that I mentioned yesterday as to the presence of buyers was a clue I saw early and I knew it was something I had to share....
"Overnight sentiment was very bearish indeed coming into Monday's open, however the buyers did step back in and took the markets off of the overnight lows and they were never tested again during the regular trading session, and that is a more bullish sign.
ALSO.....
We also have some strength in the pre-market session this morning so lets see if the buyers can keep it up. Today will all be about getting back above yesterday's range and filling the gap to Friday's lows so keep an eye out if these things happen!"
Well the buyers indeed stepped back in and filled the gap to Friday's lows @ 5332 and now the important levels to watch will be the 5332-5342 range. Overnight inventory is net long and we are close to prior days highs. Any move above the 5332-5342 levels should take prices to the VPOC @ 5360. Any action between 5332 - 5305 could be more of a balance day. Below 5305 would lead to 5282 then lower targets. Please check out target prices and profile pic for more clues and other important levels to watch!!
VPOC Update: We added a new VPOC below @ 5205 so we now have 5 above and 19 below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5332 - 5342 then 5360
Key Level: 5305 POC
downside target is: 5205 - 5190
/NQ upside target is: 18,620 - 18,650
Key Level: 18,319 POC
downside target is : 18,025 - 17,990
/RTY upside target is: 2125 - 2135
downside target is: 2035 - 2030
Economic Data: Very Light Today
Crude Inventories @ 10:30 AM EST
Consumer Credit @ 3:00 PM EST
More Color.......
Have a great day!
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