|
Good Monday morning!
I hope you all had a great weekend, but I must start off by saying.........We're being watched!!!!
As mentioned last week, sellers actually showed up and we lost some very key levels in the S&P @ 5800, and the NDX @ 20,200. Question now will be: As the bears are stalking, what will the election do to the markets after Tuesday?!?!
I make no statement or assumption that I know what is going to happen over the next few days as far as market direction, so I will not even pretend to know. I do know if we did not have an election coming up on Tuesday, my bias would definitely more to the bear side and I would be looking to sell more longs and get more to the short side. However, we are in unprecedented times and the reaction to the markets could be HUGE in either direction so that is my word of caution!!
Please pay attention to the profile pic and key target levels below. Futures are mixed and relatively flat ahead of today's open and we may be in for some balance as you can see in the profile pic. Any price action between 5778 and 5752 is a jump ball between buyers and sellers and this is a distinct possibility as traders and investors around the world await the election results some time this week! I heard someone on the news say we might not get the results until Thursday or Friday! Futures are trading @ 5765 at the time of this writing.
VPOC Update: No new VPOC's were added on Friday so we still have 1 above @ 5878.75 and 5788.50 was finally taken out after the drop last week, so we now have 1 above and 25 VPOC's below current price. 5700 is the next closest one to the downside.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5795 - 5805
Key Levels: 5778 POC and 1/2 Back
downside target is: 5715 - 5705
/NQ upside target is: 20,310 - 20,340
Key Level: 20,164 POC
downside target is : 19,995 - 19,965
/RTY upside target is: 2235 - 2245
downside target is: 2205 - 2195
Economic Data:
Motor Vehicle Sales
Factory Orders @ 11:00 AM ET
3-Month Bill Auction @ 12:30 PM ET
6-Month Bill Auction @ 12:30 PM ET
3-Yr Note Auction @ 2:00 PM ET
More Color....... By Analyst Rich Rickus
-
/ES - Demand at $5750-25 with Supply above at $5840
Bearish
Buyers trapped below $5840 after a pullback below $5835 looking to play SHORT targeting $58010 then at $5790
Bullish
Sellers trapped above $5840 after a break and retest above $5845-50 playing LONG targeting $5880 then $5900
-
SPY - Demand at $571 with Supply at $575
Bullish
Sellers trapped above $575 after a break and retest above $576 looking to play LONG targeting $577 then $579
Bearish
Buyers trapped below $575 after a retest from $574 targeting $573 then $572
-
/NQ - Key Demand at $20050 with at Supply $20300
Bullish
Sellers trapped above $20300 looking to play long after a pullback holds above $20320 targeting $20410
Bearish
Buyers trapped below $20300 and holding looking to play short targeting $20150 then Friday LOD
-
QQQ - Key Demand at $484-485 with Supply above at $491 ( previous Demand )
Bullish
Sellers trapped above $491 looking to play long from a break and retest at $492 targeting $493 then $494
Bearish
Buyers trapped below $491 after a break and retest below $490 looking to play short targeting $489 then low $488s
Also watching …
-
NVDA Key Demand $135- 136 with Supply above at $142-141
Bearish
Sellers trapped below $141 after a break and retest from $140 looking to play short targeting $137 then $136
Bullish
Buyers trapped above $141 after a break and retest from $141 looking to play long targeting $142 then $143
Have a fantastic day!
| 
