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Good Monday morning!
We hope you all had a great weekend let's get ready for the new week. We have recently seen a decent pullback from the July 16th all time highs @ 5669 in the S&P to the July 25th lows @ 5391, so we are now in the midst of an oversold bounce. In the S&P CASH, our targets over the next few days are 5500, then 5530 then 5565. Any failure to reach those levels could result in a roll over and liquidation break. But please remember, I am not expecting those targets to all be hit in one day. It could take a few sessions and for good reason.
The next few days will be very interesting because we still have 171 companies from the S&P reporting their earnings, plus we have a FED meeting with their decision on interest rates Wednesday afternoon @ 2:00 PM ES and then we have the government jobs report of Non Farm Payrolls Friday morning @ 8:30 AM EST. Plenty for the market to read and digest!! For now, the bulls have retaken control. Let's see for just how long!
This morning futures are higher and overnight inventory is almost 100% net long, and at the time of this writing, we are outside of Friday's range. Any price action that stays above 5528.25 is very bullish then please look for upper targets. Any price action that falls back within range and yet stays above the very key level of 5499 will be balance and in the "Battle Zone." Any price action that loses 5499 would be very bearish then look for lower targets!
VPOC Update: Another new VPOC was added below @ 5465 on Friday so we still have 2 above and back to 24 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5530 - 5540
Key Level: 5499 1/2 Back, POC & Settlement
downside target is: 5475 - 5470
/NQ upside target is: 19,430 - 19,420
Key Level: 19,175 1/2 Back, POC & Settlement
downside target is : 19,030 - 19,020
/RTY upside target is: 2295 - 2305
downside target is: 2255 - 2245
Economic Data: VERY LIGHT TODAY
Dallas FED Manufacturing Survey @ 10:30 AM EST
More Color.......
/ES - Demand $5468- 5473 then $5505 with Supply at $5533-22 and $5550
1. Buyers trapped below $5550 and holding below after a pullback will be looking to play short targeting $5541 then $5530
2. Sellers trapped above $5505 looking to play long targeting $5532 then $5525 then $5533
SPY - Demand at $545 then $538 and $537 with Supply at $548-549
1. Buyers trapped below $545 after a break and retest from $444 target $441
2. Sellers trapped above $545 looking to play long from a break and retest from $546 targeting $548 then $550
SPX Demand at $5390-5420 with Supply at $5507-5526 then at $5488-92
1. A breakdown below $5490 and holding below after retest from $5488 I will look to play short targeting $5465 then $5458
2. A bounce above $5500 and reclaim support I will look to play long
targeting $5515 then $5525
/NQ Key Demand at $18883 and19100 then with Supply at $19389-19340
1. Sellers trapped above $19390 looking to play long targeting new HOD
2. Buyers are trapped below $19389 off and holding , looking to play short targeting $19350 then $19325
QQQ Demand at $455 and $464 Gap up with Supply above at $468 then $472-74
1. Sellers trapped above $464 looking to play long off a break and retest
from $464 targeting $466 then $467
2. Buyers trapped below $463 after a break and retest below play short
targeting $461 then $460
AMD Key Demand at $136-138 then at $141 with Supply above at $144
1. A break and retest below $143 from $142 I would like to play short
targeting $140 then $139
2. I would only like to play long if Supply flips back to demand / Support above $143 or a bounce from key $136 Demand targeting HOD's
Have a great day!
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