|
Good Monday morning!
We hope you all had a great weekend, Markets got to about 25 points from new all time highs in the SPX on Friday and with today's gap higher, that target is in sight again! Bulls remain firmly in control as we have been saying so bias remains up for now. We could also be seeing DOW 40K in the not too distant future. Boy will that make for great headlines!
Overnight inventory is net long but there is no true gap today. If/when the buyers take out last weeks high of 5264 (and there is also a triple top up here,) then all eyes will be on all time highs! It just makes sense. Nothing has caused stronger selling into the markets for a long time now so it stands to reason that buyers will remain present with their operations and keep markets on an upward trajectory.
On the flip side, the first key level for the bears or sellers will be a move back down towards the 5250-5245 area. Unless there is strong tempo and momentum to the downside, this area will probably be bought as it is the POC and Pivot Point! If these levels get taken out to the downside, then look for lower targets of 5235-5230. The profile pic below shows where the key zones are located! As always, think about BOTH directions, not just long or not just short! Anything can happen at anytime in the markets!
SBUX is still looking great and even though I did not do anything with the stock on Friday, as I mentioned before, I will add more if/when it clears $77 and breaks back up into the gap.
VPOC Update: Yes you guessed it....with another win by the bulls Friday, 5251.50 was taken out above and 5230 was a new VPOC added below. We now only have 1 above @ 5297.75 and 20 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5265 - 5275
Key Levels: 5245.50 POC
downside target is: 5235 - 5230
/NQ upside target is: 18.330 - 18,360
Key Level: 18,270 - 18,265 1/2 Back and Value Area High
downside target is : 18,225 - 18,200
/RTY upside target is: 2085- 2090
downside target is: 2055 - 2050
Economic Data: NO ECONOMIC TODAY!
More Color.......
/ES - Key demand at $5140-55 and $5188-5200 with Supply above at
$5270-82
1. If sellers become trapped above $5188 after a break and retest I would
like to play long targeting $5200 then $5225.
2. A sell off below $5140 after a pullback fails to break back above I will look short targeting $5120 then $5108
SPY - Key Demand $515-516 with Supply at $521 -522
1. If sellers become trapped above $515 after a sell off I will look to plat long targeting $518 then $519
2. I will only look to play short if buyers fail to reclaim above $515 after a
strong sell off targeting $512
SPX Key Demand at $ 5200 -5210 with Supply above $5254-5240
1. A sell off below $5200 a failure to reclaim back above I will look short
targeting $5180 then $5166
2. Sellers trapped above $5200 looking to play long after a break and retest
above $5210 targeting $5260
/NQ Key Demand at $18072-18107 with Supply above at $18350-08
1. If sellers become trapped after a sell off doesn’t break and hold below
$18070 I will look to play long targeting $18205
2. A breakdown below $ 18069 I will look to play short targeting $17970
QQQ Key demand at $437 -438 with Supply above at $444-443
1. As long as the price remains above $437 I will only look to play long. A
breakdown below $437 I will look to short targeting $435.50
As ALWAYS, have your stops in place!!!
Have a great trading day and week ahead!
| 
