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Good Wednesday morning!
NVDA will report after the bell so that will move markets later today!! It's all about AI and spending in the technology and nobody knows better than NVDA, so this will be an important read on the future moves of the markets!
Now back to things at hand....the markets are essentially balancing in a very large area right now, meaning a lot of push-pull between buyers and sellers. As long as the S&P Cash sits above 5595 (currently sits @ 5620) then edge remains firmly with the bulls. Any break below that could see more selling so keep an eye on that level. Try to keep it simple.
The NDX broke below a key level yesterday @ 19,475 but closed back above and currently sits @ 19,560, so the trend is still sideways to up. Obviously things could change greatly, either up or down, once NVDA reports earnings tonight so we will see how things play out!!
This morning futures are only slightly lower and overnight inventory is mixed to net short. We are inside of prior days range so it is a coin toss this morning as to who is going to flex their muscles.
5642.25, which is the Point of Control, will be a very important level so keep an eye on that for direction. As you can see in the profile pic below the overnight range is essentially contained within the Value Area (the yellow shaded area where 70% of yesterday's volume occurred) so any price action in that range is balance. Anything above would obviously be more bullish and anything below more bearish! Again try to keep it simple.
VPOC Update: No new VPOC's yesterday so 5699.50 above and 22 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5660 - 5665
Key Levels: 5642.25 POC
downside target is: 5620 - 5615
/NQ upside target is: 19,775 - 19,790
Key Level: 19,647 POC
downside target is : 19,525 - 19,500
/RTY upside target is: 2220 - 2225
downside target is: 2195 - 2190
Economic Data: Light Today
Crude Inventories @ 10:30 AM EST
Treasury Buyback Results @ 2:00 PM EST
More Color....... By Analyst Rich Rickus
/ES - Demand $5570-82 then at $5605-5600 with Supply at then $5671-65
Bearish
1. Buyers trapped below $5635 and holding below after a pullback below $5630 looking to play SHORT targeting $5615 then $5602 ( below leaves room to $5582)
Bullish
2. Sellers trapped above $5638 looking to play long targeting $5655 then NEW HOD
SPY - Demand at $557-556 then below at $554 -555 w / Supply at $563 -564
Bullish
1. Sellers trapped above $556 looking to play long from $557 targeting $559 then $560
Bearish
2. Buyers trapped below $557 after a retest from $556 targeting $554 then $553
/NQ Key Demand at then at $19440 then at $19588 with Supply $19700-19685
Bullish
1. Sellers trapped above $19690 looking to play long from $19700 targeting $19744 then $19780
Bearish
2. Buyers trapped below $19680 and holding , looking to play short targeting $19655 then $19622
QQQ Key Demand at $473-472 with Supply at $478 -479
Bullish
1. Sellers trapped above $473 after a break from $474 I want to play long targeting $476 then $4777 or if $479 reclaims support with Supply flipping to Demand playing LONG
Bearish
2. Buyers trapped below $479 after a break and retest below $478 looking to play short targeting $476 then $475
Also watching ...
TSLA Key Demand a $207-208 previous Supply with Supply above at $214
Bearish
1. Buyers trapped below $207 after a break from $206 playing short targeting $203
Bullish
2. Sellers trapped above $214 looking to play long from $215 targeting $217 then $218
SOXL Gap overnight ( key demand at 37-38 ) with Supply at $41-42
Bearish
1. Gap filled with present sellers below $37 and holding looking to play SHORT targeting new LOD at $35s
Bullish
2. Gap filled after a bounce (GAP and GO ) above $37 looking to play LONG target HOD
Have a great day!
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