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Good Tuesday morning!
The skies have cleared a bit but we are still not out of the woods just yet! Yesterday we saw the markets pull back to new lows not seen since early May and the NASDAQ was actually in bear market pullback territory, meaning losses of more than 10%...it was actually down 15.7% from the highs.
The S&P fared a bit better and was very close, losing about 9.5% from its all time highs, so a much needed pullback in the markets finally arrived. Overnight sentiment was very bearish indeed coming into Monday's open, however the buyers did step back in and took the markets off of the overnight lows and they were never tested again during the regular trading session, and that is a more bullish sign.
We also have some strength in the pre-market session this morning so lets see if the buyers can keep it up. Today will all be about getting back above yesterday's range and filling the gap to Friday's lows so keep an eye out if these things happen! If they don't, then the sellers could re-emerge and start taking things back down!!!
Overnight inventory is mixed and while price did go outside of Monday's range in the pre market session in both the /ES and /NQ's, price is back in range so it will be a coin toss at the opening bell. Please check out target prices and profile pic for more clues and important levels to watch!!
VPOC Update: Due to the huge move down yesterday, there were actually 3 VPOC's that got taken out to the downside and another new one added above @ 5360. We now have 5 above and 18 below current prices. You can see how the VPOC's above are stacking up and the ones below are being taken out...a sign that the market has rolled over!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5285 - 5295
Key Level: 5228 Overnight Low and Settlement then 5213 & 5205
downside target is: 5145 - 5125
/NQ upside target is: 18,275 - 18,300
Key Level: 17,971 POC then 17,899 1/2 Back & VAL
downside target is : 17,675 - 17,645
/RTY upside target is: 2105 - 2110
downside target is: 2015 - 2000
Economic Data: Very Light Today
International Trade in Goods and Services @ 8:30 AM EST
More Color.......
/ES - Demand $5120-40 with Supply at $5278-5262
1. Buyers trapped below $5278 and holding below after a pullback $5270 looking to play SHORT targeting $$5255 then$5238
2. Sellers trapped above $5181 looking to play long targeting $5200 then $5227
SPY - Supply at $524 then at $527 with Demand at $515 then below at $507
1. Buyers trapped below $527 after a break and retest from $526 looking to play short targeting $525 then $524
2. Sellers trapped above $515 looking to play long from a break and retest targeting then $518
SPX Demand at $5119 45130 with Supply Above at $5260 then $5300
1. A breakdown below $5260 and holding after a break and retest targeting $5248 then $5220
2. A bounce above $5300 and reclaim support I will look to play long
targeting $5340
/NQ Key Demand at $17812 then at $17900 with Supply at $18460 then at $18637
1. Sellers trapped above $18800 looking to play long targeting $19000
2. Buyers are trapped below $18460 and holding , looking to play short
targeting $18425 then $18400
QQQ Demand at $431 with Supply above at $450-548
1. Sellers trapped above $450 looking to play long off a break and retest
from $453 targeting $455
2. Buyers trapped below $449 after a break and retest below$448 playing short targeting $445
Also watching ...
TSLA Key Demand at $205 with Supply above at $214-216
1. Sellers trapped above $209 looking to play long off a break and retest from $210 targeting $212 then213
2. Buyers trapped below $216 playing a break and retest short from $215 targeting new $212
AAPL Key Demand at $204 with Supply above at $214- 213
1. Buyers trapped below $213 looking to play a break and retest short from $212 targeting $210 then $209
2. Sellers trapped above $214 after Supply flips to Demand playing LONG
Have a great day!
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