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Good morning traders,
Goal Line Defense by the bulls stops the bears Brotherly Shove!!!!
Our playbook yesterday was spot on. While Wednesday's drop was dramatic and felt good for the bears, as I mentioned, the market does NOT make it that easy. The reasons for my call however were the real factors in stopping any further decline, not just because of some "feeling"....this auction is not finished yet to the upside and the bulls remain firmly in control of the current trend!!
We actually put in a new VPOC above us for the first time in months 4822.75 and we still we still have 10 below us.
/ES upside target is 4820-25
downside target is 4755-60
/NQ upside target is 17,040-050
downside target is 16,840-850
/RTY upside target is 2058
downside target is 2015
Futures are flat this morning at time of writing with overnight inventory 90% net short and once again we are still within yesterdays range.
Economic Data:
Durable Goods and Personal Income @ 8:30
New Home Sales and Consumer Sentiment @ 10:00
More Color.......
ES - Consolidating inside Supply at $4800 - $4790. Ideally I want to see price hold,
pushed back down the key demand and trendline at $4770-$4775 to play long.
- Watching how price respects at $4800 , does Supply find support and flip to
Demand? or can bears defend $4800 holding price below to trap buyers ? If price
fails I would like to play short and if price breaks I would like to play long targeting
key Supply and Demand zones above and below.
- Key levels of demand ( $4770-$4775 : $4750 -$4740 : Wed LOD)
- Next level of Supply that flipped from demand above $4800 is $4820- $44832
/NQ - Consolidating just under Supply at $16960-$16940. In the same uptrend as /ES
after Wednesday afternoon sell off. Waiting to see how price reacts at this level. Would
like to see the price pushed back to $16820 holding above $16800 to play long. If price
falls below and holds I would like to play a break and retest short targeting $16750
SPY - Consolidating inside Supply between ( $472.50 - $474) My ideal set up is for
buyers to get trapped at the open with a sell off tracing back down to $468.50 holding
above $468 playing calls targeting $470 first then $471.20. If price falls below $467 and
holds below I would like to play short targeting $465 or if price fails $474 I’d like short.
QQQ - Bounced off FVG at $406 finding support. Would like to see a break and retest
with price holding above targeting $408. If price breaks below and holds under $405 i
would like to play short targeting $403.55 first then possibly $401
AMD - Consolidating inside of Supply that flipped from demand. It could be looking to
flip back to demand if it holds above $138 playing long targeting $140.
TSLA - Would like to see buyers trapped with a sell off at the open pushing price back
down to $250-$249 holding above demand and trendline to play long targeting $254 . -
- Key Supply above with HOD ( $260 - $258)
NVDA - Consolidating inside demand at $486 - $488 after yesterday's gap pre market
AAPL Gap up into previous Supply at $194 that was previously Demand this week.
MSFT - Gap down overnight into previous Demand at $370-$372
Have a wonderful day!
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