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Good Monday morning,
We had blast off on Friday after Fed Chair Powell started speaking at the Jackson Hole Symposium, as buyers jumped in and shorts got absolutely smoked. We formed what is called a "P" pattern, where price goes straight up from the open and the time and value builds in the upper third of the range. You can clearly see it in the profile pic below. Today we have some very important clues to watch so at the end of the day, we should know whether the buying on Friday was serious and holds, or was it just a pop and flop, as sellers come right back in to take the market back down?!?
📊 In the profile pic and key levels, below, price is now below the very important level at 6,471, which is the top of the single prints. If price stays below this level today, then the odds favor further selling. There should be very little support if price starts to accelerate to the downside! Now if buyers take price back above 6,471, then look for the next stop at the POC at 6,483.75, then upper targets at 6,490 - 6,500. Further buying could push price up to 6,610 - 6,620.
Futures are currently trading at 6,465 at the time of this writing.
🧭 VPOC Update: TWO VPOC's were taken out to the upside after that explosive move Friday morning. We now have zero above and four below the current price.
Current VPOCs:
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,490 - 6,500
Key Levels: 6,471 Top of single prints then 6,483.75 POC
downside target is: 6,.440 - 6,430
/NQ upside target is: 23,575 - 23,600
Key Level: 23,507 Top of single prints
downside target is : 23,350 - 23,325
/RTY upside target is: 2,380 - 2,390
downside target is: 2,340 - 2,330
Economic Data : RED STAR EVENT!
New Home Sales @ 10:00 a.m EST
More Color By : Rich Rickus
Back at it tomorrow!
Have a great day!
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