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Good Monday morning!!
We hope you all had a great Thanksgiving Holiday and a very relaxing weekend. Lots of good food and football...what could be better?!?!
Well, now lets get back to business!!
The rocket ship bull market continues as the S&P, DOW and RUSSELL hit new all time highs again last week, and I believe it is now north of 50 record setting days in 2024 alone! That is quite impressive. The only market that did not hit all time highs last week was the tech heavy NASDAQ, as there has been some profit taking in the FANGMAN stocks. Aside from the "lagging" NASDAQ, we apparently have inflation still coming down, a historically low unemployment rate, strong consumer spending and a dovish FED..... just to name a few reasons for this continued strength, not to mention corporate profits are still coming in well on earnings releases. All of these factors are contributing to the "sticky" bullish tone in the markets!
For today, any price action above 6025 in the S&P cash, and above 6040-6045 in the ES futures, is continued edge to the bulls. It's literally that simple. If sellers step up their operations, then any break below 6040 in the ES can we then look for lower targets. Any price action that gets and stays above 6051.75 then look for upper targets. Overnight inventory is net short and we are opening inside of Friday's range. This tells me it could be tricky on determining early market direction! Keep an eye on target levels and profile pic below.
Futures are flat to mixed this morning and they are trading @ 6051 at the time of this writing. Also, we do have some potential market moving economic data @ 10:00 AM EST so please stay alert.
VPOC Update: A new VPOC was added below @ 6015 on Friday so still none still above and 29 below current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6065 - 6075
Key Levels: 6039 1/2 Back
downside target is: 6035 - 6025
/NQ upside target is: 21,100 - 21,125
Key Level: 20,935 VAL, Overnight low and top of single prints
downside target is : 20,900 - 20,875
/RTY upside target is: 2455 - 2460
downside target is: 2430 - 2420
Economic Data:
2-Yr Note Settlement
5-Yr Note Settlement
7-Yr Note Settlement
20-Yr Bond Settlement
PMI Manufacturing Final @ 9:45 AM ET
ISM Manufacturing Index @ 10:00 AM ET
Construction Spending @ 10:00 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction @ 11:30 AM ET
Christopher Waller Speaks @ 3:15 PM ET
John Williams Speaks @ 4:30 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand $5970-80 then below at $6010 with Supply at $6060
Bearish
Buyers trapped below $6010 after a pullback below $6000 looking to play SHORT targeting $5980 then $5965
Bullish
Sellers trapped above $6000 after a break and retest above $6010 playing LONG targeting $6030 then 6055 - HOD
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SPY - Demand at $601-602 previous Supply with NEW Supply above that at $603-604
Bullish
Sellers trapped above $601after a break and retest above $602 looking to play LONG targeting high $604 then low $605
Bearish
Buyers trapped below $601 after a retest from $600 targeting $598 then $597
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/NQ - Key Demand at $20750 - 20780 then below at $20675 with Supply $21030 -21200
Bullish
Sellers trapped above $20750 looking to play long after a pullback holds above $20780 targeting $20880 than $20950
Bearish
Buyers trapped below $20700 and holding below looking to play short targeting $20600 then $20570
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QQQ - Key Demand at $504-505 with Supply above at $509
Bullish
Sellers trapped above $504 looking to play long from a break and retest at $505 targeting high $506s then $507
Bearish
Buyers trapped below $504 after a break and retest below $503 looking to play short targeting $502 then mid high $501 new LOD
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NVDA Key Demand at $136-n 137 with Supply above at $139 and at $142 -143
Bearish
Sellers trapped below $136 after a break and retest below $135 looking to play short targeting $133 then $132s
Bullish
Buyers trapped above $136 after a break and retest above $137 looking to play long targeting $138 then $139
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AMD Key Demand at $134 135 with Supply above at $138
Bearish
Buyers trapped below $134 looking to play a Short after a pullback below $133 targeting $131 then $130
Bullish
Buyers trapped above $135 playing a break and retest from $136 looking to play Long targeting $137.50 then $138
Have a great day!
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