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Good Wednesday morning!
It's NVDA Day!!!! One of the most widely followed stocks in the world is reporting tonight after the close and all eyes will be watching closely!!!! Traders are expecting about an 8% move in either direction, or around $75-$80!
Aside from that, the longer term trends are still in tact and the S&P is in a large four day balance area (see profile pic below). The NASDAQ and NDX both hit new all time highs again yesterday so buyers are still in control.
Futures are a bit lower this morning (from the settlement) and overnight inventory is very balanced. We are within prior days range, so again no gap indicating an even start to the trading day between buyers and sellers. The levels laid out in the profile will show you the key zones and whether the move will be higher or lower.
As you can see in the profile pic below, we are in a large 4 day balance area with a quadruple top that is just itching to he broken to the upside. When you knock on the door enough times, it usually opens! And for key lines in the sand, you can see the overnight low, POC and 1/2 back are all around the 5335 area, so if buyers keep the price above that area, then odds favor higher! If sellers step up their operations and take out 5335 and lower, then look for lower targets and the double bottom. If that gets taken out, 5323, there is a VPOC at 5320 and then next lower target would be 5317-5313.
SBUX: Holding for now and still looking good. Anything over $77 is exactly what we need and I would buy more over $79 which is the 50 day moving average on the daily chart.
AMD Still holding and will add more over $170. This stock will also be impacted by NVDA's earnings so buckle up!
VPOC Update: No new VPOC's added yesterday. We still have 22 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5350 - 5355
Key Levels: 5335 POC, Overnight low & 1/2 Back
downside target is: 5330 - 5325
/NQ upside target is: 18.860 - 18,890
Key Level: 18,745-18,750 POC & 1/2 Back
downside target is : 18,725 - 18,700
/RTY upside target is: 2110- 2114
downside target is: 2095 - 2090
Economic Data: Active!!
Existing Home Sales @ 10:00 AM EST
Crude Inventories @ 10:30 AM EST
FOMC Minutes @ 2:00 PM EST
More Color.......
/ES - Key demand at $5266 and $5310 with Supply above at $5350
1. Sellers trapped above $5320 I want to be long, a break and retest targeting $530 then $5345
2. Buyers trapped after a selloff below $5300 playing a break and retest
short from $5295 targeting $5280
SPY - Key Demand $529 then $524 with Supply HOD at $531
1. Sell off at the open where buyers are trapped above $528 looking to play
long targeting $530. If price breaks under $525 and holds under $524 after
a pullback I will look to play short targeting $521
2. Sell off below $523 failing to reclaim support above i will also look short
targeting $518.20 then $516
SPX Key Demand at $5290 - 5300 with Supply at $5315 then at $5325
1. Sellers trapped after a bounce above $5300 looking to play long target
$5315
1. A breakdown below $5290 and retest I will look to play short targeting
$5280 then $5267
/NQ Key Demand at $18425-60 with Supply HOD at $18775-95
1. Sellers trapped above $18620 looking to play long off a break and retest
2. A breakdown below $18600 will look to play short targeting $18545
QQQ Key demand at $449-450 with Supply above at $455
1. Sellers trapped above $449 looking to play long targeting $ $451 then $453
2. A breakdown below $449 I will look to play short targeting $437
AMD Key Demand at $164 with Supply above at $169-167
1. Sellers trapped above $164 after a sell off looking to play long targeting
$166 then new HOD
2. I will only like to play short if price can break and hold below $164 targeting
$162
As ALWAYS, have your stops & targets in place!!!
Have a great trading day!
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