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Good Tuesday morning,
Well after yesterday's price action, today is a roll of the dice. The bulls crushed it Friday, but it was a lackluster follow-through yesterday as price couldn't even get to the POC in the ES, leaving a new VPOC above at 6,483.75. Value also built overlapping to down, so both of these things tell me that the buyers didn't have the firepower to continue Friday's move. So what now?!?! Well I'm glad you asked!
📊 In the profile pic and key levels below, futures are down across the board, but not in a big way. Also, one day does not make a trend! The first important, key level for today will be the prior low at 6,453, and whether or not buyers can push price back into Monday's range. If they can, then the next stop would be the overnight high at 6,464, then the half-back at 6,468, then the POC at 6,472. Any further buying could see top end of our range at 6,480, then possibly up to 6,495.
Now, if sellers keep price below 6,453, then start to liquidate further, then the overnight low at 6,431 would be the target, and of course that is the top end of our lower target range, which could see prices drop to 6,420. If there is more tempo and momentum to the downside, we could be seeing lower prices around 6,410 - 6,400. Stay alert and stay fluid!
Futures are currently trading at 6,450 at the time of this writing.
🧭 VPOC Update: A new VPOC was added to the upside yesterday at 6,483.75. We now have one above and four below the current price.
Current VPOCs: BOLD is above current price!
- 6,483.75
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,470 - 6,480
Key Levels: 6,453 Prior Low
downside target is: 6,.430 - 6,420
/NQ upside target is: 23,580 - 23,600
Key Level: 23,530 1/2 Back
downside target is : 23,360 - 23,330
/RTY upside target is: 2,360 - 2,370
downside target is: 2,330 - 2,320
Economic Data :
Durable Goods @ 8:30 a.m EST
Case Shiller Home Price Index @ 9:00 a.m EST
Richmond Fed Manufacturing Index @ 10:00 a.m EST
Consumer Confidence @ 10:00 a.m EST
More Color By : Rich Rickus
1. ES - Key Demand $6350 Supply above at $6485
Bullish : Sellers trapped above $6350 looking to play a break and retest above $6355 long targeting $6415 then $6430
Bearish Buyers trapped below $6350 looking to play short after a break and retest below $6340 targeting $6315 then a break down into $6300
2. SPY Key demand at $634-635 with Supply above at $640
Bullish Sellers trapped above $640 looking to play a break and retest from $641 long targeting $643 then a breakout into high $645
Bearish Buyers trapped below $635 after a break and retest below $634targeting $632 then a breakdown into $631
3. /NQ Key demand at $23300 with Supply above at $23700
Bullish Sellers trapped above $23700 looking to play a break and retest above $23724 long targeting $23850 then a breakout back into low $24100
Bearish Buyers trapped below $23300 looking to play short from below $2375 targeting $23100
4. QQQ Key Demand at $560/561 with Supply at $569-570
Bullish Sellers trapped above $570 looking to play a break and retest from $571 targeting $573 then a breakout into high $575
Bearish Buyers trapped below $568 looking to play a break and retest below targeting $565 then $564
5. AAPL - Key Demand at $224 with Supply above at $231
Bullish - Sellers trapped above $224 after a break and retest from $225 looking to play LONG targeting $228 then a breakout into $230s
Bearish - Buyers trapped below $224 after a break and retest from $223 to play short targeting $221 then breakdown into $219
Have a great day!
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