|
Good Thursday morning!
The S&P and NASDAQ put in a two day balance meaning sideways action on Tuesday and Wednesday in the markets. Sellers keep trying to get this lower but there is a force that keeps buying the dips, at least for now! The market is expensive here at these levels so a liquidation break that lasts for more than 10 minutes would be most welcomed at this point.
We just had some economic data released, the PPI, and futures are selling off sharply at this time. Whether or not the selling persists will be what to watch for today. Taking out the two day Value Area in the profile pic below should give us some good information moving forward!!
Please check out the target levels and profile pic below. You can see the two day balance in the box and also the back to back POC's in the circles. We also had back to back Value Area Highs and Lows! Any break, either way, outside of this range will tell us who is winning the upcoming battle!!!
Futures are mixed to flat so it is a coin toss this morning once the opening bell rings. We do have more economic data on tap for today so stay sharp. Any price action that stays between 6028 - 6008 is pure balance. Any move above 6028 look for upper targets. Below 6008 look for lower targets. It's really that simple for today. Futures are trading close to the POC @ 6014 at the time of this writing.
VPOC Update: No new VPOC's added yesterday so will still have 30 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6035 - 6040 then 6059
Key Levels: 6016 POC
downside target is: 5990 - 5985
/NQ upside target is: 21,240 - 21,260
Key Level: 21,157 POC
downside target is : 21,120 - 21,100
/RTY upside target is: 2405 - 2415
downside target is: 2355 - 2350
Economic Data:
MBA Mortgage Applications @ 8:00 AM ET
Jobless Claims @ 9:30 AM ET
PPI-Final Demand @ 9:30 AM ET
EIA Natural Gas Report @ 11:30 AM ET
EIA Petroleum Status Report @ 12:00 PM ET
3-Month Bill Announcement @ 12:00 PM ET
6-Month Bill Announcement @ 12:00 PM ET
10-Yr TIPS Announcement @ 12:00 PM ET
20-Yr Bond Announcement @ 12:00 PM ET
4-Week Bill Auction @ 12:30 PM ET
8-Week Bill Auction @ 12:30 PM ET
Jerome Powell Speaks @4:00 PM ET
John Williams Speaks @ 5:15 PM ET
Fed Balance Sheet @ 5:30 PM ET
More Color....... By Analyst Rich Rickus
-
/ES - Demand at $5985-92 with Supply above at $6035
Bearish
Buyers trapped below $5995 after a pullback below $5985 looking to play SHORT targeting $5970 then $5955
Bullish
Sellers trapped above $6000 after a break and retest above $6010 playing LONG targeting $6035 then $6045
-
SPY - Demand at $596 with Supply at $599
Bullish
Sellers trapped above $596 after a break and retest above $597 looking to play LONG targeting $599 then new HOD
Bearish
Buyers trapped below $596 after a retest from $595 targeting $593 then $592
-
/NQ - Key Demand at $21050-21100 with Supply $21260-70
Bullish
Sellers trapped above $21110 looking to play long after a pullback holds above targeting $21200 then $21220
Bearish
Buyers trapped below $21100 and holding looking to play short targeting $21025
-
QQQ - Key Demand at $510 with Supply above at $515
Bullish
Sellers trapped above $510 looking to play long from a break and retest at $511 targeting $513 then $514
Bearish
Buyers trapped below $510 after a break and retest below $509 looking to play short targeting $508 then low $507
Also watching …
-
AMD Key Demand at $139 Gap UP with Supply above at $141
Bearish
Buyers trapped below $139 looking to play a Short after a pullback below targeting $138 then new LOD
Bullish
- Buyers trapped above $139 playing a break and retest from $140 looking to play Long targeting $141 then $143
-
NVDA Key Demand $146-145 with Supply above at $149-150
Bearish
Sellers trapped below $146 after a break and retest from $145 looking to play short targeting $143 then $141
Bullish
Buyers trapped above $146 after a break and retest from $147 looking to play long targeting $148 then $149
Have a great day!
| 
