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Good Monday morning!
After another short term pullback last week which started Thursday morning @ 9:30 AM EST and ending on Friday afternoon @ 1:00 PM EST, the buyers are right back at it!
The bears are licking their wounds once again as buyers continue to come out of the woodwork and never seem to have a care in the world....buy buy buy anything that moves in the AI and large cap tech space. The only Magnificent 7 stock down this morning is MSFT!
Futures have ripped higher this morning on some news from GOOGL which said AAPL is in discussions to build the Gemini AI engine into its phones, and NVDA has a conference starting today through Thursday and some analysts are calling it the "NVDA Woodstock Festival!!" Plenty to get people fired up again and have them spend their money on these names!!! The bongs are lit and smokin' once again!!!
As of this writing, overnight inventory is 99% net long and and we are gapping well above Friday's range.
The profile pic below lays out the game plan for today so pay attention. The key level to watch initially is the zone between 5218-5215 which is where the 1/2 back and an untested Point of Control reside from Thursday. If price can stay above this zone then look for upper targets of 5235 up to 5250!
Anything below 5215 look for overnight 1/2 back around 5204 then Friday's high $5201.75. Any further selling could bring prices back down to 5185 area however that is a low probability trade today....only about a 10% chance of happening according to current information!
VPOC update: We actually took out one below at 5178 and added one above at 5218, but now because of the big pre-market gap as of this writing, we are right back to 20 untested points of control below current price!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5235 - 5250 Upper pivots S2 & S3 respectively
Key Level: 5215-5218 VPOC and 1/2 back from Thursday
downside target is: 5184 - 5181 Overnight low, 1/2 back and POC Friday
/NQ upside target is: 18,290 - 18,310
Key Level: 18,220 - 18,200
downside target is : 18,075 - 18,050
/RTY upside target is: 2080 - 2082
downside target is: 2040 - 2038
Economic Data: Light Today.
Housing Market Index @ 10:00 AM EST
More Color.......
NVDA - Back to bullish above $895
META - Back to bullish above $492 and then $502
AAPL- Short done for now...bulls right back in the stock above $174.50 so the short is over for the time being.
/ES - Key Demand at $5160-5175 with Supply at $ 5220- 5230
- Sellers at the open looking to play a break and retest long from $5190 targeting
$5220 first then $5230. If buyers at the open fail to break above $5220 I will look
to play short if a pullback holds below Supply targeting $5200 then 5192
SPY - Key Demand at $507-509 then at $505-504 with Supply at $513-515
- Buyers fail to break above $513 I will look to play short off a break and retest
from $512.50 targeting $ $511 first then $510
- Selling at the open with a bounce from Demand I will look to play long from $510
off a pullback above VWAP & SMA targeting $513 then $515
SPX - Old Demand at $5090-5100 with Supply at $5135- 5125
- I would only look to play short off failed rallies ( short pop ups : scalping price
below $5120) or if price can break below and hold below $5090 targeting $5070
/NQ - Key Demand at $17970 - 18000 with Supply at $ 18300-18250
- If buyers can break above $18250 and flip it to support I will look to play long off a break and retest targeting $18330 first then $18355.
Failure to break above $18,250 I will wait for price to pullback below $18160 then retest supply to short
QQQ - Key Demand at $ 432- 434 with Supply flipping to Demand at $435-36
- I would like to see selling at the open hold above $435 looking to play long off a break and retest targeting $437 first then $438.20
- I would only be interested in shorting after the new LOD the retracement below SMA and VWAP targeting a new LOD.
- A bounce from $432 after a break and retest then I will look to play long
Also Watching …
TSLA - Key Demand at $160-162 then at $165 with Supply at $175-174
META - Gap up from Demand at Key Demand $482 with Supply at $ 492
AMD - Key Demand at $183 -184 with Supply at $195-195
AMZN - Key Demand at $171- 172 with Supply at $175-176
As ALWAYS, have your stops in place!!!
Have a great day and an fantastic week ahead!
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