|
Good Thursday morning!
Even though all the top line figures were down yesterday, I still have to give respect to the bulls as the recovery from the Monday lows has been quite impressive. I say that because in the past, a huge downward shock like that would have scared even the most stout investor out of the markets, but it seems every pullback is just shaken off and back up we go. We are still very close to all time highs and the staying power of buyers is proved day after day after day.
In the profile pic and key targets below, the battleground is pretty straightforward. Any price above prior high @ 6091.25 we will still be looking for the gap fill to 6122. Anything in between 6091.25 and 6081.50 then it is balance. Any break below 6081.50 then look for the 1/2 back @ 6067 then lower targets as listed. Futures are mixed this morning and overnight inventory is also mixed. Price has explored above prior high but are now back inside yesterday's range indicating balance and a coin toss at the open. No shock and awe at this time. Futures are trading @ 6088 at the time of this writing.
VPOC Update: No new VPOC's were added yesterday so we still have two above @ 6148.50 and 6171 and 30 below with the closest @ 5985.75 then 5950.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6100 - 6110
Key Levels: 6091.25 Prior high
downside target is: 6040 - 6030
/NQ upside target is: 21,800 - 21,825
Key Level: 21,606 Prior High
downside target is : 21,400 - 21,375
/RTY upside target is: 2315 - 2320
downside target is: 2280 - 2275
Economic Data:
GDP @ 8:30 AM EST
Natural Gas Inventories @ 10:30 AM EST
More Color....... By Analyst Rich Rickus
Be back soon!
Have a great day!
| 
