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Good Tuesday morning,
Yes, it's Groundhog Day yet again. The current narrative is the same day after day after day. New all time highs, after new all time highs with absolutely no fear in this market. That being said, as mentioned yesterday, this makes me nervous so we could be getting close to taking some chips off of the table. But for now, the edge is still firmly to the buyers. Once again, the key levels listed will tell us if this narrative will continue.
📊 In the profile pic and key levels below, futures are trading very close to prior day's high, and once again, this is the first key level at 6,434. Price action that stays above this level, we will look for further moves to upper targets at 6,445 - 6,455. If sellers take price below that key line in the sand, then we will look for a re-test of 6,423, which is the POC (Point of Control) and the over night low! If that level is lost, then we will look for lower targets at 6,415 - 6,405. Try to keep it simple today.
Futures are currently trading at 6,433 at the time of this writing.
🧭 VPOC Update: First day in a while that no new VPOC's were added or taken out. We still have seven all below current price and currently, there are none above.
Current VPOCs:
- 6,401.50
- 6,389.50
- 6,336.00
- 6,283.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,445 - 6,455
Key Levels: 6,434 Prior high then 6,423 POC
downside target is: 6,415 - 6,405
/NQ upside target is: 23,650 - 23,675
Key Level: 23,506 Prior High
downside target is : 23,475 - 23,450
/RTY upside target is: 2,290 - 2,295
downside target is: 2,270 - 2,265
Economic Data : Busy Day
FED Meeting Begins
International Trade in Goods and Services @ 8:30 AM ET
Case-Shiller Home Price Index @ 9:00 AM ET
Consumer Confidence @ 10:00 AM ET
JOLTS @ 10:00 AM ET
More Color By : Rich Rickus
Have a great day!
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