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Good Tuesday morning,
We hope you had a great three-day weekend and did something fun. Now back to trading!
There is a large gap higher this morning, and we are even above the Memorial Day shortened session, which occurred on Monday even though the markets were closed. This is not the most important piece of data, but it is worth paying attention to for today's game plan.
As long as the price remains above that range, and more importantly above the low at 5870, (which is also the top of our target range), then the edge has swung back to the buyers. If price stays above 5870 then look to buy pullbacks and look for our upper targets at 5930-5940. I have included extended targets as well at 5860-5870.
Now, if the sellers take price below 5870-5860, then look for a gap fill to Friday's high at 5843.75, then the POC at 5816. Any price action below that level then look for a retest of Friday's low at 5780.50.
Futures are currently trading at 5895 at the time of this writing.
VPOC Update: Yes, another new VPOC was added above on Friday at 5857.25, however, with this large gap higher this morning, that VPOC which was above is now below current price! We have 7 above and now 20 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5930 - 5940 then 5860-5870
Key Levels: 5870 Shortened Memorial Day session low
downside target is: 5870 - 5860 then Prior High 5843.75 then 5816
/NQ upside target is: 21,450 - 21,470
Key Level: 21,216 Shortened Memorial Day Session low
downside target is : 21,140 - 21,100
/RTY upside target is: 2080 - 2090
downside target is: 2060 - 2050
Economic Data:
4-Month Bill Settlement
Neel Kashkari Speaks @ 4:00 AM ET
Durable Goods Orders @ 8:30 AM ET
Case-Shiller Home Price Index @ 9:00 AM ET
FHFA House Price Index @ 9:00 AM ET
Thomas Barkin Speaks @ 9:30 AM ET
Consumer Confidence @ 10:00 AM ET
Dallas Fed Manufacturing Survey @ 10:30 AM ET
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @ 11:00 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction @ 11:30 AM ET
6-Week Bill Auction @ 1:00 PM ET
2-Yr Note Auction @ 1:00 PM ET
Money Supply @ 1:00 PM ET
John Williams Speaks @ 8:00 PM ET
More Color By : Rich Rickus
- /ES - Key Demand $5850 - 5871 then at $5720 with Supply $5960
Bullish : Sellers trapped above $5850 looking to play a break and retest above $5860 long targeting $5895 then $5910
Bearish Buyers trapped below $5845 looking to play short after a break and retest below $5840 targeting $5825 then a break down into $5700s
- SPY Key demand at then at $570-571 with Supply above at $586-585
Bullish Sellers trapped above $586 looking to play a break and retest from $587 long targeting $589 then a breakout mid high $590s
Bearish Buyers trapped below $570 after a break and retest below $569 targeting $567’s then a breakdown into $566’s
- /NQ Key demand at $20950 with Supply above at $21350-21400
Bullish Sellers trapped above $21400 looking to play a break and retest above $21450 long targeting $21525 then a breakout back into low $21600’s
Bearish Buyers trapped below $20900 looking to play short from below $20850 targeting $20700 then $20650
- QQQ Key Demand at $503-504 with Supply at $513-512
Bullish Sellers trapped above $513 looking to play a break and retest from $514 targeting $517.50 then a breakout into low mid $519
Bearish Buyers trapped below $503 looking to play a break and retest short from $502 targeting $499 then $498
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AMD - Key Demand at $107 with Supply above at $113
Bullish - Sellers trapped above $113 after a break and retest from $114 looking to play LONG targeting $116 then a breakout into $118s
Bearish - Buyers trapped below $112 after a break and retest from $111 to play short targeting $109 then breakdown into $107s
Have a great trading day ahead!
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