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Good Monday morning!
Friday the markets took another hit and we were sitting at new two week lows, which in and of itself it not a huge move down, but hey it was a start. The markets are still sitting on HUGE gains from the October 2023 lows so it seemed to me that some much needed profit taking (and froth) was taken off the top the past week, especially in the large cap tech space.
This morning, however, the buyers seem to be right back in good spirits and I am not sure if it because of the news over the weekend of President Biden stepping away from the 2024 Presidential race or traders are buying the dip?!?! Or both!
The S&P and the NDX both have lost key levels of 5595 and 20,000 respectively so lets see if the bounce is sold today or it is the start of a move back higher towards those prior highs??!!
As mentioned, futures are higher today and overnight inventory is almost 100% net long, and we are getting close to Friday's highs. The key levels below will give us a good indication of targets to look for today and possibly tomorrow.
Please note the key levels and profile pic. Any price that stays above 5575 is an edge for the bulls and any price action above our upper targets of 5590-5600 could be looking at next stops of 5610 then 5630. Back below 5575 would target Friday's POC (Point of Control) then Friday's low then possibly 5525-5515. Nothing on tap as far as economic data today!
VPOC Update: No new VPOC's Friday. We still have 5699.50 above and 24 VPOC's below current price levels with the closest being 5489.50!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5590 - 5600
Key Level: 5575 - 5570 1/2 Back & VAH
downside target is: 5525 - 5515
/NQ upside target is: 19,930 - 19,950
Key Level: 19,820 - 19,815 VAH & 1/2 Back
downside target is : 19,575 - 19,550
/RTY upside target is: 2230 - 2240
downside target is: 2170 - 2165
Economic Data: NOTHING ON TAP TODAY
More Color.......
/ES - Demand $5489-5509 with Supply $5616-5600 then at $5672
1. Buyers trapped below $5616 and holding below after a pullback will be looking to play short targeting $5588 then $5570 then and $5555
- Or a breakdown below and holding $54600 I will look to play short
2. Sellers trapped above $5616 where Supply flips back to Demand looking to play long targeting $5640 then $5655
SPY - Demand at $547 -548 with Supply at $554-555
1. Buyers trapped below $555 after a break and retest from $554 playing short targeting $552 then $551
2. Sellers trapped above $556 looking to play long from a break and retest from $557 targeting $559
SPX Demand at $544045 with demand above flipping to Supply at $5517-07
1. A breakdown below $5517 and holding below after retest I will look to play short targeting $5487
2. A bounce above $5518 and reclaim support I will look to play long
targeting $5540 then $5550
/NQ Key Demand at $19510 with Supply $19737-25 then above at $19940
1. Sellers trapped above $19740 after Supply flips back to Demand looking to play long targeting $19780 then $19800
2. Buyers are trapped below $19725 off a break and retest targeting $19700 then $19687
QQQ Demand at $473 -471 with Supply above at $480 -481
1. Sellers trapped above $472 looking to play long off a break and retest
from $473 targeting $475 then $478
2. Buyers trapped below $471 after a break and retest from $470 looking to play short targeting $468 then $467
TSLA Key demand at $231-230 then at $237 with GAP up: Supply above $245-243
1. A breakout above $245 and holding I will look to play long targeting $248
2. Buyers trapped below $242 I will look to play short targeting $239 then $237
AMD Key Demand at $148-147 and $150 with Supply above at $157-156
1. Sellers trapped above $157 looking to play long targeting $160 then $164
2. A breakdown below $153 and holding below I will look to play short off a break and retest from $152 targeting $149 then $147
NVDA Key Demand at $115 -114 with Supply above at $121-122
1. Sellers tapped above $122 looking to play long targeting $126 then $128
2. A breakdown below $120 and holding I will look short after a break and retest from $119 targeting $117 then $115
Have a great day!
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