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Good morning!
Well some very important action happened yesterday. That 5510 key level was taken out a few times in the morning and the low of the day was only 5504.50. After being defended multiple times, buyers took the market back up and we ended up closing @ 5532. When a key level like that gets taken out and "it should go lower" and doesn't, then that is some really important information we need to think about...buyers are still in control!!
Futures are lower this morning and price has taken out 5510 in the pre market trade again, but for now, it is back above that level. If the buyers defend again then look for 5522 then 5531.25. If tempo and momentum stays with the buyers, then look for upper target @ 5545-5550. If price fails and stays below 5510 then look for prior day low @ 5504.50 then 5495.
We technically are still within that large balance area I have been discussing so we may be in for more responsive trade (read choppy) for the near term. It seems we are now standing on the edge of a knife....who wins out? Buyers or sellers?!?! Stay tuned!
**One other important piece of information for today...Fed chief Jerome Powell will speak at the European Central Bank Forum on Central Banking, held in Portugal. The policy panel discussion will commence at 9:30 a.m. ET.
Quick reminder...markets close early tomorrow @ 1:15 PM EST and are closed all day on Thursday July 4th!
SNOW: Holding still and bought more @ $141.10. yesterday
VPOC Update: We actually put in a new VPOC higher in the /ES @ 5558.25, which is the first VPOC above price in weeks, if not months! We still have 24 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5545 - 5550
Key Level: 5522 1/2 Back
downside target is: 5510 still key....if lost then 5495
/NQ upside target is: 20,150 - 20,170
Key Level: 19,943 POC
downside target is : 19,885 - 19,865
RTY upside target is: 2068 - 2071
downside target is: 2033 - 2029
Economic Data: IMPORTANT DATA TODAY
Jerome Powell Speaks @ 9:30 AM EST (ECB Conference)
JOLTS @ 10:00 AM EST
More Color.......
/ES - Key Demand at $5489 - 5500 with Supply above at $5540-30
1. Sellers trapped above $5489 looking to play long targeting $5530
2. Buyers trapped below $5530 looking to play short targeting new LOD
SPY - Demand $543-541 with Demand flipped to Supply at $546-547
1. A breakdown below $547 and holding after a pullback I will look to play
short targeting $546 then$ 545
2. Sellers trapped above $542 I will look to play long off a break and retest
from $544 then targeting $545
SPX Key Demand at $5440 with Supply above at $5523 HOD - 5510
1. A breakdown below $5440 and holding below after retest I will look to play short targeting NEW LOD
2. A bounce above $5450 I will look to play long targeting $5485 then new
HOD
/NQ Demand at $19726 -19750 with Supply above at $20258
1. Sellers trapped above 19800 looking to play long targeting $20150
1. A breakdown below $19726 I will look to play short targeting $19700
QQQ Key Demand at $478-480 with Supply above at $486-487
1. Sellers trapped above $478 looking to play long off a break and retest
targeting $480 then new HOD
2. Buyers trapped below $478 playing short after a break and retest
targeting $476
TSLA Key Demand at $194-195 with supply above at $213 and $210
1. Sellers trapped above $200 looking to play long targeting $205 then $208
2. Buyers trapped below $194 looking to play short off a break and retest targeting $190
As ALWAYS, have your stops & targets in place and have a great day!!!
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