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Good morning!
Yesterday was quite a wild day and the volatility continues in epic proportions. Hence the picture above....is it going to be sunny skies ahead or do the storm clouds roll in and we are heading for some nasty weather?!?!
This kind of price action is very good for some people and extremely bad for others! And what I mean by that is that this kind of intraday movement presents some tremendous trading opportunities, but only if you know what you are doing!!! This is not going to be easy for those without the experience or "time in the seat" as I like to call it, and will get whipsawed and disappointed time and time again.
Please check out the market profile pic below. Futures are almost 100% net short this morning and after the late day surge yesterday, longs will now be pressured. With overnight inventory net short and a true gap outside of yesterday's range (at the time of this writing), we could see a fade higher to balance out the inventory. Target 5306 then 5314. Any price action that does not get back to those levels will be bearish. The VPOC of 5283.75 could also be in play especially if we lose overnight lows.
Of course if buyers take price back above 5314, then look for 5325 then 5331 then possibly upper targets of 5340-5350.
By the way, we hope you took advantage of the key levels we talked about yesterday....
"As long as 5321 holds then buyers are still in their normal operations and upper targets are in play. Losing 5321 opens targets at 5315-5310 and if they get lost, then lower targets of 5290-5280 could be in play."
Yesterday's low was 5296.75...not far from target!
SBUX: Stock has sellers coming back in and realized gains have unfortunately diminished, but still profitable. Locking in gains with stop @ $76.75.
AMD Still holding and stop is now below $168.10. Locking in at least $4 gains at this point.
VPOC Update: No new VPOC's yesterday. We still have 23 VPOC's below current price levels indicating the uptrend is still intact, but will this start to turn?!?!?!!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5345 - 5350
Key Levels: 5314 1/2 Back and Value Area Low
downside target is: 5290 - 5280
/NQ upside target is: 18.950 - 18,975
Key Level: 18,800 Overnight low and 1/2 Back from 5/23
downside target is : 18,745 - 18,725
/RTY upside target is: 2083- 2087
downside target is: 2059 - 2056
Economic Data: Very Light Today
Richmond FED Manufacturing Index @ 10:00 AM EST
Beige Book @ 2:00 PM EST
More Color.......
/ES - Key demand at $5240-5265 then at $5285 with Supply above at $5350-75
1. Sellers trapped above $5285 after a break and retest hold as support
looking to play long targeting $5300 then $5310
2. Buyers trapped below $5230 - 25 looking to play short targeting $5300
SPY - Key Demand $524-25 and $527 with Supply above at $534
1. Sellers trapped after a failed breakdown with Support above at $527
looking to play long targeting $529
2. I will only look to play short if price breaks and holds below $523 looking to play short targeting $520
SPX Key Demand at $5263 and $5278 with Supply above at $5341-5325
1. Buyers trapped after a failed breakout above $5320 after a pullback
looking to play short targeting $5315 then $5305
2. Sellers trapped above $5280 looking top lay long targeting $5300
/NQ Key Demand at and $18615 and at $18680 with Supply at $18930 -80
1. Sellers trapped above $18615 looking to play long targeting $18000
2. A breakdown below $$18699 and retest holding below I will look short
QQQ Key Demand at $451-452 with Sellers above at $460-461
1. Sellers trapped about $452 looking to parlay a break and retest long
2. I can not be looking to play l short if price hold below $451 or failure to
reclaim support above Demand
AMD Key Demand at $164 with Supply above at $174 -172
1. A breakdown below $164 after a retest I will look to play short targeting
$161 then 159
2. Sellers trapped above $164 as support / demand holds , I will look to play
long targeting $167 then 169
TSLA Key Demand at $173-174 with Supply above at $180-179
1. Playing these levels only where Sellers could be trapped at $ 174 looking to play long targeting $177 then 179 ( as long as pullbacks hold)
2. Sellers trapped below $179 looking to play short targeting $176 then $175
GME Key Demand at $21 then at $17 LOD last Friday with Supply at 26.66
1. Key level will be this $21 level where if price breaks below I want to play short targeting $19 then new LOD.
2. A bounce with buyers present from $21-22 I will look long targeting $24
As ALWAYS, have your stops & targets in place!!!
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