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Good Wednesday morning,
New month, new quarter! And what a way to close out September from the bulls! A late-day surge yesterday pushed markets to new 5-day highs. That being said, our esteemed political leaders were unable to reach a deal to keep the government open, and for the first time in many years, Uncle Sam has locked the doors! There was some volatility in the overnight session, where futures broke below the prior day's lows; however, buyers have come back into the mix, and the price is back above the POC and almost half-way back from yesterday. These are key levels for today.
📊 In the profile pic and key levels below, futures are lower as mentioned, but the move off of the overnight lows has been impressive. As long as the price can maintain above the POC at 6,703, this is a positive step for the bulls and is the first key level for today. Any further upside would target prior day's half-back at 6,718.25, then the overnight high and upper targets. Now, if sellers continue their liquidation below the POC, then look for the prior day's low at 6,693, then the lower targets!.
Futures are currently trading at 6,712 at the time of this writing.
🧭 VPOC Update: As quickly as it came in, the new VPOC at 6,595.75 was taken out, so we are now back to 8 below and none above!
Current VPOCs:
- 6,595.75
- 6,571.75
- 6,509.25
- 6,506.25
- 6,450.50
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,740 - 6,750
Key Levels: 6,693 Prior Low
downside target is: 6,680 - 6,670
/NQ upside target is: 24,920 - 24,940
Key Level: 24,780 POC
downside target is: 24,640 - 24,620
/RTY upside target is: 2,465 - 2,475
downside target is: 2,425 - 2,415
Economic Data: Very Busy Day
ADP Employment Report @ 8:15 AM ET
Construction Spending @ 10:00 AM ET
JOLTS @ 10:00 AM ET
Treasury Buyback Announcement (Preliminary) @ 11:00 AM ET
Crude Inventories @ 10:30 AM ET
More Color By: Rich Rickus
1. ES - Key Demand $6685 Supply above at $6756- 6743
Bullish : Sellers trapped above $6685 looking to play a break and retest above $6690 long targeting $6720 then $6740
Bearish Buyers trapped below $6680 looking to play short after a break and retest below $6675 targeting $6658 a break down into $6595
2. SPY Key demand at $559-660 with Supply above at $666
Bullish Sellers trapped above $659 looking to play a break and retest from $600 long targeting $663 then a breakout into high $664
Bearish Buyers trapped below $659 after a break and retest below $658 targeting $656 then a breakdown into $654
3. //NQ Key demand at $24625 with Supply above at $24815-24784
Bullish Sellers trapped above $24820 looking to play a break and retest above $24825 long targeting $24833 then a breakout back into low $24850s
Bearish Buyers trapped below $24750 looking to play short from below $24784 targeting $24775 then $24720
4. QQQ Key Demand at $597-596 with Supply at $692-593
Bullish Sellers trapped above $595 looking to play a break and retest from $596 targeting $599 then a breakout into high $601
Bearish Buyers trapped below $594 looking to play a break and retest below $593 targeting $591 then $590
5. NVDA - Key Demand at $183-184 with Supply above at $187
Bullish - Sellers trapped above $183 after a break and retest from $184 looking to play LONG targeting $186 then a breakout into $187s
Bearish - Buyers trapped below $183 after a break and retest from $182 to play short targeting $180 then breakdown into $179
6. MU - Key Demand at $161-162 with Supply above at $169-168
Bullish - Sellers trapped above $161 after a break and retest from $162 looking to play LONG targeting $165 then a breakout into $166
Bearish - Buyers trapped below $161 after a break and retest from $160 to play short targeting $158 then breakdown into $157
Have a great day!
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