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Good morning traders!
Well the big news of yesterday and today so far is the "crypto head fake" where the SEC X (Twitter) account was somehow hacked and said the bitcoin ETF was approved, however that was quickly rebutted and there was no such approval as of yet according to officials. Bitcoin has had a HUGE rally as of late however there is some volatility this morning with a loss of about $1800 in the crypto currency. Also BA is still dealing with quality issues in their 737 - 9 Max planes after a fuselage blowout on a recent flight.
All that peripheral "stuff" aside, we want to know what is going on today and where the markets can go!!! Well that's why we're here!!!
Futures are only slightly lower this morning with overnight inventory almost 100% net long, however, we are inside prior days trading range again. This means the market remains in "balance" and is awaiting more information. After the strong rally we had Monday and the "hold" yesterday (meaning we gave very little back) the markets path of least resistance remains sideways to up.
Please look at the market profile picture below. I have marked off some very key areas and they coincide with the targets listed here this morning. If we remain in balance, it is more of a "sit on hands" day. If we start taking out the 4 recent highs (regular trading and overnight sessions and is marked by the middle pink line) then look for upper targets. If we take out the overnight low and yesterdays 1/2 back @ 4785.75, then look for lower targets! Its that simple.
/ES upside target is: 4810-15
downside target is: 4765-55
/NQ upside target is: 16,975-985
downside target is: 16,710-700
/RTY upside target is: 1994-96
downside target is 1962-60
Economic Data Today:
*Very Light Again Today
Wholesale Inventories (preliminary) @ 10:00 AM EST
Crude Inventories @ 10:30 AM EST
More Color.......
/ES - Consolidating inside Supply at $4800. Supply flipped to Demand yesterday at
$4760-$4770 with Supply above with HOD at $4805 - $4795 with minimal resistance
above that at previous Supply $$4830-45
- As long as price remind above $4770 I want to play long
SPY - Supply flipped to Demand at $472-473 with Supply above at $474-475 then
$477-478. If Buyers can defend above $471 I want to plan a long break and retest.
- Below $471 then I would like to play a break and retest from $470.50 short
- The key level I'm watching is the $472 and if Demand flips back to Supply
SPX - As long as we are above $4745 I want to play long with Demand below at $4730
- Buyers at the open pushing price up past $4770 playing a pull back long if it
holds above $ 4765 targeting Supply
- Sellers at the open Pushing price past $4748 holding below $4750 I’ll play short
/NQ - Some buying overnight breaking $16900. Supply flipped to Demand at
$16775-$16785 with Supply above that at $16880. Key Demand is below that at $16650
AND $16700
QQQ - Supply flipped to Demand at $402 with previous supply at $406 then $409
- As long as we are above $401 I want to long unless sellers are present at Supply
AMD - Supply flipped to Demand at $148 with previous Demand at $145
- Old Demand is at $143 with Supply HOD above at $151
- As long as we are above $148 I want to play long
- Sellers at the open with price back below $147 ( playing short)
TSLA - Small Gap Up overnight at $234 Demand with Supply above at $240
META - Consolidating inside Supply at $360- $358
NVDA - Selling off from yesterday HOD and Supply at $540 with HOD at $543.25
Have a great trading day.
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