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(CORRECTED COPY ES UPSIDE TARGETS)
Good Monday morning!
E-A-G-L-E-S EAGLES!!!!!
AND THE EAGLES WIN THE SUPER BOWL!!!! YES!!!!!!!
OK sorry but we are Philly guys so we had to give a quick shout out, and what a win!!!! Now back to business.
There was another huge liquidation break in the markets Friday on the back of tariff news, so we have seen this three times now in the last two weeks. Key point moving forward (for now) is that the markets just keep buying the dip. It just doesn't seem to bother them very much because if it did we would be much lower! Overnight trade and this morning's price action is no different.
Futures had what is called a "look below and fail" of Friday's low which was 6041.25. Overnight low reached 6014 but futures are now trading 70 points higher @ 6084! That is a big move back up. In the key targets and profile pic below, the first key level is 1/2 back from Friday which is 6082. Price is slightly above that level now. The next key level is Value Area High @ 6077. Any price action that stays above these levels tells us that buyers are still in control. One caveat however...we are also very close to upper targets already, so if price can get above top of that range (6080-6090) then look for 6097 then Friday's high as your next targets.
NOW if the sellers step up and hit price at these upper targets (meaning sell these levels), look for breaks below 1/2 back, VAH then price could break down towards the Point of Control @ 6049. Then lower targets from there. Now as you can see in the profile pic, any price action in between 6077 down to 6049 could be very choppy and "balancing" UNLESS price drops very sharply with great tempo and speed. Think another tariff news announcement. But if price gets down below 6077 slowly without much tempo and momentum, the price could get get whipsawed back and forth in that range. Just wanted to give you a heads up. Futures are trading @ 6084 at the time of this writing.
VPOC Update: No new VPOC's Friday so now still have 6148.50 and 6171 above and 29 with 5950 being the closest to current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6080 - 6090
Key Levels: 6082 1/2 back then 6077 VAH
downside target is: 6030-6020
/NQ upside target is: 21,750 - 21,780
Key Level: 21760 1/2 Back then 21,738 VAH
downside target is : 21,525 - 21,500
/RTY upside target is: 2310 - 2315
downside target is: 2270 - 2260
Economic Data: Nothing on tap!
More Color....... By Analyst Rich Rickus
Have a great day and week ahead!
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