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Good Wednesday morning!
As information flies around the world in milliseconds regarding earnings, tariffs and new administration policy decisions, market participants are faced with a very tough and daunting task of trying to parse all this information and get on the right side of the trade. As I have been saying for some time, we are in a very tricky and difficult trading environment as the market continues to rip up and down on a moment's notice. That being said, there are great intraday opportunities out there but also risk, so you must be careful. So the call of the day today and the near term "stay fluid."
In the profile pic and key levels below, you can see the POC is now above us by a decent clip whereas yesterday it was a critical line in the sane right from the opening bell! As we mentioned yesterday.....
"The POC is the first key level for today at 6022.50 and if buyers stay above the Point of Control then look for upper targets at 6045 to 6055."
Well it held very well early in the session and upper targets were hit!
I only bring this up because today the POC is not the first important line in the sand. Today it will be about 6039...top of the spike. If buyers can get price above that and keep it there, then look for 1/2 back @ 6043 then Value Area Low @ 6049.25 then the POC @ 6063.75. Just take it in stages.
If sellers step up and stay below 6039, then look for lower targets which are listed below for you. Also, there is a lot on the economic calendar today, as well as several FED speakers, so intraday volatility will be pumped. Futures are trading @ 6040 at the time of this writing.
VPOC Update: That new VPOC which was just put in the day before @ 6068 was taken out yesterday, so now we have 6148.50 and 6171 above. Below we still have 29 with 5950 being the closest to current price. Most likely neither VPOC's closest to current price will be in play today.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6095 - 6105
Key Levels: 6039 Top of spike then 1/2 back 6043 then VAL 6049.25
downside target is: 6015-6005
/NQ upside target is: 21,870 - 21,895
Key Level: 21,550 Top of spike and 1/2 Back
downside target is : 21,520 - 21,480
/RTY upside target is: 2315 - 2325
downside target is: 2265 - 2245
Economic Data: Busy Day .....
MBA Mortgage Applications @ 7:00 AM ET
ADP Employment Report @ 8:15 AM ET
International Trade in Goods and Services @ 8:30 AM ET
Treasury Refunding Announcement @ 8:30 AM ET
3-Yr Note Announcement @ 8:30 AM ET
10-Yr Note Announcement @ 8:30 AM ET
30-Yr Bond Announcement @ 8:30 AM ET
Thomas Barkin Speaks @ 9:00 AM ET
PMI Composite Final @ 9:45 AM ET
ISM Services Index @ 10:00 AM ET
EIA Petroleum Status Report @ 10:30 AM ET
Treasury Buyback Announcement (Preliminary) @ 11:00 AM ET
4-Month Bill Auction @ 11:30 AM ET
Austan Goolsbee Speaks @ 1:00 PM ET
Michelle Bowman Speaks @ 3:00 PM ET
Philip Jefferson Speaks @ 7:30 PM ET
More Color....... By Analyst Rich Rickus
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ES Demand at $6018-6024 with Supply above at $6080
Bearish
Buyers trapped below $6020 after a pullback below $6010 looking to play SHORT targeting $5985 then $5965
Bullish
Sellers trapped above $6080 after a break and retest above $6090 playing LONG targeting $6123 then $6145
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SPY - Demand at $596-597 with Supply above at $602
Bullish
Sellers trapped above $ 602 after a break and retest above $603 targeting $605 then $606
Bearish
Buyers trapped below $597 after a retest from $596 targeting $594 then breakdown into $593
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/NQ - Key Demand at $21240with Supply above at $21700
Bullish
Sellers trapped above $21700 looking to play long after a pullback holds above $21720 targeting $21800 then a breakout into $21900 target last Friday HOD
Bearish
Buyers trapped below $21200 looking to play SHORT after a pullback holds below $21150 looking to play short targeting $21100 then a breakdown into $20900
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QQQ - Supply flipped to Demand at $517 with new Supply above at $521
Bullish
Sellers trapped above $517looking to play long from a break and retest at $518 targeting high $521 then a breakout into $523
Bearish
Buyers trapped below $517 after a break and retest below $516 looking to play short targeting $515 then mid high $513
Have a great day!
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