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Good Tuesday morning!
Markets are showing some decent resiliency as we are still very close to 52 week or all time highs in the S&P and NASDAQ, however, there does seem to be some hesitation from buyers to just keep pushing it higher and higher. As I stated yesterday, we have a huge amount of earnings still on tap for this week PLUS many important economic data points still to come including: Consumer Confidence, ADP Private payroll numbers, ISM Manufacturing and the important Non Farm Payroll numbers from the BLS...Bureau of Labor Statistics, on Friday. All of these are potential market moving pieces of data. Always keep an eye om the economic calendar we provide below!
Futures are actually slightly lower and overnight inventory is mixed. As you can see in the profile pic below, we are showing a true gap down at this time, meaning below prior days range so lets see if that holds or not today. Any move back above 5859.50 then look for the Point of Control, 1/2 Back and Overnight high @ 5870 and then any further move over that level would put the upper targets in play.
Any price action that stays below 5859.50 would start to tip the scales to the bears so look for lower targets of 5840-5830 then 5820. Futures are trading @ 5851 at the time of this writing.
VPOC Update: A new VPOC was added below @ 5845.25 and that should be in play today. We have 26 VPOC's below current price and none above.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5880 - 5890
Key Levels: 5870 POC, 1/2 Back & Overnight high
downside target is: 5840 - 5830
/NQ upside target is: 20,640 - 20,660
Key Level: 20,540 POC then 20,557 1/2 Back
downside target is : 20,350 - 20,320
/RTY upside target is: 2270 - 2275
downside target is: 2245 - 2240
Economic Data:
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
International Trade in Goods (Advance) @ 8:30 AM ET
Retail Inventories (Advance) @ 8:30 AM ET
Wholesale Inventories (Advance) @ 8:30 AM ET
Case-Shiller Home Price Index @ 9:00 AM ET
FHFA House Price Index @ 9:00 AM ET
Consumer Confidence @ 10:00 AM ET
JOLTS @ 10:00 AM ET
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @11:00 AM ET
52-Week Bill Auction @ 11:30 AM ET
2-Yr FRN Note Auction @ 1:00 PM ET
7-Yr Note Auction @ 1:00 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand then above at $5800 -5830 with Supply above at $5900-5927
Bearish
Buyers trapped below $5800 after a pullback below looking to play SHORT targeting $5780 then at $5775
Bullish
Sellers trapped above $5800 after a break and retest above $5810-15 playing LONG targeting $5880 -$5900
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SPY - Demand from Wednesday at $574 Supply above at $579 then $581-582 ( previous demand )
Bullish
Sellers trapped above $579 after a break and retest above $580 looking to play LONG targeting $581 then $582
Bearish
Buyers trapped below $579 after a retest from $578 where Demand would flip back to Supply targeting $576 then $575
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/NQ - Key Demand at $20250 then at $2350-400 with at Supply $20600-20550
Bullish
Sellers trapped above $20350 looking to play long after a pullback holds above $20400 $20475 targeting $20500 then
Bearish
Buyers trapped below $20400 and holding below $20375 looking to play short targeting $20300 then $20250
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QQQ - Key Demand at $489-490 then above at $495 with Supply above at $497-496
Bullish
Sellers trapped above $495 looking to play long from a break and retest at $496 targeting $497 then $498
Bearish
Buyers trapped below $485 after a break and retest below $494 looking to play short targeting $492 then $491
Also watching …
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NVDA Key Demand $139-140 with Supply above at $144 HOD
Bearish
Sellers trapped below $140 after a break and retest from $139 looking to play short targeting $137 then $136
Bullish
Buyers trapped above $140 after a break and retest from $141 looking to play long targeting $142 then $143
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AMD Key Gap UP Friday at $153 then at $156 with Supply above at $160
Bearish
- Buyers trapped below $156 looking to play a Short after a pullback below the GAP from $155 targeting $153 then $154
Bullish
- Buyers trapped above $156 playing a break and retest from $157 looking to play Long targeting $158 then $159
Have a great day!
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