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Good Wednesday morning!
Markets continue to show strength and resiliency as sellers tried to get the market lower yesterday, and they did, early on in the trading session, but it was short lived as buyers took it right back up! Even though it looked bearish at the beginning of the day, as we mentioned......
"Any move back above 5859.50 then look for the Point of Control, 1/2 Back and Overnight high @ 5870 and then any further move over that level would put the upper targets in play."
And that's exactly what happened and why you need to stay fluid in this market! And please understand, I am NOT saying we knew this was going to happen with 100% certainty, but it is why we give you multiple trading scenarios each morning, not just one!
The reason being is because we know how things can change on a dime and do the opposite of what people may be thinking and yesterday was just yet another example of how the tide tide turned and things shifted very quickly back to the buyers and shorts once again got destroyed. Oh and trust me it cuts both ways because not the longs in the overnight are getting hurt as price has come sharply lower off of overnight highs. So yes now these buyers are getting smoked pre market.
Futures are actually slightly lower to mixed and overnight inventory is net long, but as we just mentioned, they are well off of overnight highs. Please use the key levels and profile pic for important price tells today. Any price action above 5860.50 - 5862 is edge to the bulls. Above 5871.50 then look for upper targets. Any move back below 5860.50 then look for lower targets. Futures are trading @ 5870 at the time of this writing.
VPOC Update: No new VPOC's were added yesterday so we still have 26 VPOC's below current price and none above.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5890 - 5895
Key Levels: 5871 - 5868 POC & Overnight low
downside target is: 5850 - 5840
/NQ upside target is: 20,775 - 20,800
Key Level: 20,603 POC then 20,596 1/2 Back
downside target is : 20,550 - 20,510
/RTY upside target is: 2250 - 2260
downside target is: 2240 - 2230
Economic Data:
MBA Mortgage Applications @ 7:00 AM ET
ADP Employment Report @ 8:15 AM ET
GDP @ 8:30 AM ET
Treasury Refunding Announcement @ 8:30 AM ET
3-Yr Note Announcement @ 8:30 AM ET
10-Yr Note Announcement @ 8:30 AM ET
30-Yr Bond Announcement @ 8:30 AM ET
Pending Home Sales Index @ 10:00 AM ET
EIA Petroleum Status Report @ 10:30 AM ET
Treasury Buyback Announcement (Preliminary) @ 11:00 AM ET
Survey of Business Uncertainty @ 11:00 AM ET
4-Month Bill Auction @ 11:30 AM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand then above at $5840- 5830 with Supply above at $5800
Bearish
Buyers trapped below $ 5830 after a pullback below looking to play SHORT targeting $58002 then at $5775
Bullish
Sellers trapped above $5900 after a break and retest above $5910-15 playing LONG targeting $5930 -40
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SPY - Demand at $582 with Supply at $585
Bullish
Sellers trapped above $582 after a break and retest above $583 looking to play LONG targeting $584 then $585
Bearish
Buyers trapped below $582 after a retest from $581 where Demand would flip back to Supply targeting $579 then $578
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/NQ - Key Demand at $2350-400 with at Supply $20700-20650
Bullish
Sellers trapped above $20650 looking to play long after a pullback holds above $20680 targeting $20800
Bearish
Buyers trapped below $20600 and holding below $20575 looking to play short targeting $20400 then $20350
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QQQ - Key Demand at $499 with Supply above at $505
Bullish
Sellers trapped above $498 looking to play long from a break and retest at $499 targeting $502
Bearish
Buyers trapped below $498 after a break and retest below $497 looking to play short targeting $495
Also watching …
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TSLA Key Demand at $254 -255 with Supply above at $263-264
Bullish
Sellers trapped above $254 after a break and retest from $255 playing LONG targeting $257 and $259
Bearish
Buyers trapped below $254 after a break and retest from $253 playing SHORT targeting $251 then $249
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NVDA Key Demand $139-140 with Supply above at $144 HOD
Bearish
Sellers trapped below $140 after a break and retest from $139 looking to play short targeting $137 then $136
Bullish
Buyers trapped above $140 after a break and retest from $141 looking to play long targeting $142 then $143
Have a great day!
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