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Good Monday morning,
The S&P hit new all time highs again on Friday, however, there was some liquidation that makes me think the bulls could be getting tired. Even with that being said, the buying power has been nothing short of astounding. Nothing seems to rattle or shake this market, so whether or not we actually pullback is up to the proverbial coin toss at this time. We obviously want to stack our odds at better than 50/50, so lets check out the playbook for today.
📊 In the profile pic and key levels, futures are close to the prior day's low at 6,161. This key level will give us an indication of further selling or not. If the bulls can keep price above Friday's low, the the POC at 6,471 would be the first upside target, then the VAH @ 6,480, then our upper targets. If the sellers take price below 6,461, then that certainly opens the door to more selling as there could be some people trapped at higher prices. Our lower targets are 6,440 - 6,430, then possibly 6,415 - 6,400.
Futures are currently trading at 6,465 at the time of this writing.
🧭 VPOC Update: Again, no new VPOC's were added or taken out on Friday. We still have none above and five below the current price.
Current VPOCs:
- 6,367.50
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,490 - 6,500
Key Levels: 6,461 Prior Low then 6,480 POC
downside target is: 6,.440 - 6,430
/NQ upside target is: 23,870 - 23,890
Key Level: 23,734 Prior Low
downside target is : 23,640 - 23,200
/RTY upside target is: 2,310 - 2,315
downside target is: 2,280 - 2,270
Economic Data : LIGHT DAY
Housing Marker Index @ 10:00 a.m EST
More Color By : Rich Rickus
- /ES - Key Demand $6445 Supply above at $6485
Bullish : Sellers trapped above $6445 looking to play a break and retest above $6450 long targeting $6480 then $6500
Bearish Buyers trapped below $6430 looking to play short after a break and retest below $6425 targeting $6380 then a break down into $6365
- SPY Key demand at $640 with Supply above at $644
Bullish Sellers trapped above $640 looking to play a break and retest from $641 long targeting $643 then a breakout into high $645
Bearish Buyers trapped below $640 after a break and retest below $639 targeting $637 then a breakdown into $635
- /NQ Key demand at $23800 with Supply above at $24016
Bullish Sellers trapped above $23800 looking to play a break and retest above $23850 long targeting $23950 then a breakout back into low $24100
Bearish Buyers trapped below $23800 looking to play short from below
$23775 targeting $23550
- QQQ Key Demand at $576-577 with Supply at $582
Bullish Sellers trapped above $577 looking to play a break and retest from $578 targeting $580 then a breakout into high $581
Bearish Buyers trapped below $576 looking to play a break and retest below targeting $575 then $574
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AAPL - Key Demand at $224 with Supply above at $231
Bullish - Sellers trapped above $224 after a break and retest from $225 looking to play LONG targeting $228 then a breakout into $230s
Bearish - Buyers trapped below $224 after a break and retest from $223 to play short targeting $221 then breakdown into $219
Have a great day!
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