|
Good morning!
Markets continue to one time frame higher (which means higher lows every day starting from last Monday August 5th) so the bounce off of those lows continues! SPX cash is still looking good for the next target of 5400. Yesterday the S&P closed @ 5344 and with the gap this morning of @ 28 points we are that much closer to that target.
Futures just popped higher off of the PPI Report and our upper targets have already been hit in both the /ES & /NQ!! From here on out, once the opening bells rings, it will be about whether or not the buyers can keep this gap outside of prior days range?!?! If they do, then this is very bullish and we should be targeting the August 2nd high then the gap fill to Thursday August 1st @ 5445. Any break back down into range below 5396 look for 5380 then 5367 and so on....
The profile pic and target levels once again prove their mettle yesterday as we said....
"We are now in an area of potential strength around 5380 as it is back into the spike of Friday, August 2nd. IF the bulls can keep prices above that level, then look for upper targets of 5420-5425 and then gap fill to 5445. "
Well that statement and the key levels still stand today so keep en eye on these important prices. Only anything below 5367 could potentially change things back to the sellers and below our lower targets of 5345-5335 would confirm that!
VPOC Update: No new VPOC's added yesterday and 418.25 is definitely in play today. We have 4 above and 19 below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5405 - 5410 then 5418 then 5445
Key Levels: 5367 POC, 1/2 Back & Overnight Low
downside target is: 5345 - 5335
/NQ upside target is: 18,800 - 18,840
Key Level: 18,765 Yesterday's high then 18,700 VAH
downside target is : 18,550 - 18,500
/RTY upside target is: 2095 - 2105
downside target is: 2050 - 2040
Economic Data: Very Light Today BUT a Red Star Event!
PPI Final Demand @ 8:30 AM EST
More Color.......
/ES - Demand $5347 - 5352 then at $5304-10 with Supply at $5396 and
$5450-46
1. Buyers trapped below $5345 and holding below after a pullback looking to play SHORT targeting $5328 then $5300
2. Sellers trapped above $5350 looking to play long targeting $53270 then $5390
SPY - Demand at $526 -$528 with Supply at $335-536
1. Buyers trapped below $527 after a break and retest from $526 looking to play short targeting $524 then $523
2. Sellers trapped above $528 looking to play long from a break and retest from $529 targeting $532 then $535
/NQ Key Demand at $18520 then at $18322.96 with Supply at $18800 and $18969
1. Sellers trapped above $18322.96 looking to play long targeting $18430 $18500
2. Buyers are trapped below $18300 and holding , looking to play short
targeting $18300 then $18268 then $18200
QQQ Demand at $443-444 with Supply above at $455
1. Sellers trapped above $444 I want to play long off a break and retest
from$445 targeting $447 then $448
2. Buyers trapped below $455 after a break and retest below $454 looking to play short targeting $452 then $451
Also watching ...
AMD Key level of Demand at $ 132-133 with Supply above at $138-139
1. Sellers trapped above $134 looking to play long from a break and retest targeting $136 then $137
2. Early morning breakout failing below $138 and holding after a pullback I will be looking to play SHORT targeting $137 then $135
Have a great day!
| 
