|
Good Tuesday morning!
Call remains hang on for the ride!!! The markets started off yesterday with some very choppy, range bound action as expected until Minneapolis FED President Neel Kashkari made some comments about the FED's balance sheet, and he also said there is huge uncertainty about where the FED Funds rate is located, and the markets sold off very quickly on those statements.
Things seemed to have swung to the bears, especially after losing the key levels of 5777 - 5772, and the low of the day was 5734.25. Once again the levels are important. This morning however, price has moved back up above yesterday's 1/2 back @ 5761 so this will be of the most utmost importance today as well as the single print range I have listed in the profile pic below!
If the buyers can keep price above 5761 then they may wrestle back control from the short term edge the bears took yesterday. Also the top of the single prints is @ 5766.50 so further exploration above that is more bullish and then we would be looking for POC and upper targets.
Any move below 5761 then bottom of the single prints @ 5756.50, then we will look for more downside action and lower targets as sellers step up their operations. At the time of this writing, futures are trading @ 5766.
VPOC Update: Finally! That new VPOC which was just added below @ 5744.25 was taken out on that sell off so we are now back to 23 untested Points of Control below with still none above.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5780 - 5785
Key Levels: 5766.50 then 5761 then 5756.50
downside target is: 5730 - 5720
/NQ upside target is: 20,160 - 20,180
Key Level: 20,088 Top of single prints and 20,067 1/2 Back
downside target is : 19,895 - 19,860
/RTY upside target is: 2225 - 2230
downside target is: 2195 - 2190
Economic Data:
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
NFIB Small Business Optimism Index @ 6:00 AM ET
International Trade in Goods and Services @ 8:30 AM ET
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
Raphael Bostic Speaks @12:45 PM ET
3-Yr Note Auction @ 1:00 PM ET
Susan Collins Speaks @ 4:00 PM ET
More Color....... By Analyst Rich Rickus
-
/ES - Demand $5724 -35 with Supply above at $5785-70
Bearish
Buyers trapped below $5730 after a pullback below $5720 looking to play SHORT targeting $5700 then $5688
Bullish
Sellers trapped above $5730 after a break and retest above $5738-45 playing LONG targeting $5770 then $5800
-
SPY - Demand at $570-571 w / Supply at $575 574
Bullish
Sellers trapped above $570 after a break and retest above $571 looking to play LONG targeting $572 then $574
Bearish
Buyers trapped below $570 after a retest from $569 where Demand would flip back to Supply targeting $568 then $567
-
/NQ - Key Demand at $20015-10 with Supply above at $20280-20300
Bullish
Sellers trapped above $20010 looking to play long targeting $20100 then $20150
Bearish
Buyers trapped below $19890 and holding , looking to play short from $19750 targeting $19700
-
QQQ - Key Demand at $483-484 with Supply above at $490-489
Bullish
Sellers trapped above $483 looking to play long from a break and retest at $484 targeting $485 then $486.
Bearish
Buyers trapped below $482 after a break and retest below $481 looking to play short targeting $480 then $479
Also watching …
-
TSLA Key Demand Gap at $239-240 with Supply above at $251-250
Bullish
Sellers trapped above $239 after a GAP and GO from $240 playing LONG looking to targeting $242 then $244
Bearish
Buyers trapped after a pullback fails to reclaim support above $240 playing short targeting $238 then $237
-
NVDA Supply flipped to Demand at $121-122 with 8/18-20 Supply at $131-130
Bullish
Sellers trapped above $121 playing a break and retest from $122 looking to target $124 then $125
Bearish
Buyers trapped below $121 after a break and retest from $120 looking to play short targeting $119 then $117
-
AMD HOD Supply flipped to Demand at $168 with Supply above at $172-173
Bullish
Sellers trapped above $168 after a break and retest from $169 looking to target $170 then new HOD
Bearish
Buyers trapped below $167 after a break and retest from $166 targeting $164 then $163
Have a great day!
| 
