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Good morning!
The above pic says it all.....the moves intraday have been epic and the volatility is enough to make even the strongest willed trader squeamish!!! The short squeezes and liquidation breaks have been coming fast and furious and traders, both long and short, are getting whipsawed like I have never seen before.
One of the reasons for this has been FED Chair Powell's testimony on Capitol Hill! He was grilled yesterday morning and will be speaking again starting @ 10:00 AM EST. Traders and investors are trying to figure out how dovish or hawkish the FED is and when they will ultimately "pivot" and start lowering interest rates. Probabilities according the Fed Fund Futures Contracts on the cmegroup.com website suggest nothing until June. That is NOT set in stone but the most likely scenario at this time
Futures are mixed this morning (we judge this based on where futures are trading in relation to the settlement) however making new highs as of this writing. We are inside of prior days range but looks like we could gap above 5134.50. This will be a key line in the sand today among the others I list for you.
For today's game plan, please look at profile pic below. Any price action that stays above 5112-5117 (and I've marked off why) tells us that buyers are still firmly in control and look for upper targets 5140-5145 to be reached. If we take them out, then the next stop would be 5165-5175.
Anything that sells off and goes below 5110 puts the bears back in control for the short term and targets would be 5090-5080. Further downside targets would be 5065-5060 and that would definitely change the tone to more bearish!! By the way don't get too excited just yet as the odds of even getting to 5080 today are only 5%!!
WORD OF CAUTION: FED Chair Jerome Powell is speaking in DC again this morning starting at 10:00 AM EST.....trade cautiously or sit on hands.
VPOC update: A new VPOC was added below at 5085.75 so we still have 1 above and back to 18 untested points of control below current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5140 - 5145
downside target is: 5090 - 5080
/NQ upside target is: 18,190 - 18,220
downside target is : 17,955 - 17,935
/RTY upside target is: 2088 - 2094
downside target is: 2054 - 2049
Economic Data:
International Trade in Goods and Services @ 8:30 AM EST
Jobless Claims @ 8:30 AM EST
Productivity and Costs @ 8:30 AM EST
**Chairman Powell speaks @ 10:00 AM EST
Natural Gas Inventories @ 10:30 AM EST
More Color.......
NVDA - Still Bullish. New all time highs again this morning. No short yet. By the way...insider selling alert! A director of NVDA just sold 200,000 shares worth $170,000,000 on March 5th!!! Big players and institutional traders continue to sell at these all time highs is a definite sign!!
META - Neutral now. Sideways for the short term. Still bullish but on the sidelines for now. Won't chase up here but still to early to short yet.
AAPL- Still Bearish! $166 still target.
AMZN - Short below $177.49....still looking good but stay alert. Trail stops to breakeven.
As ALWAYS, have your stops in place!!!
Have a great day!
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