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Good Monday morning,
We hope you all had a great weekend, but now back to business. There doesn't seem to be a seller anywhere on planet Earth, so for now the edge remains with the buyers. Ever since the last time the S&P hit all time highs back on July 31st, it seemed that with that big gap down on Friday, August 1st, that the tide was turning and a much needed pullback was underway. However, that sell-off lasted all of one day as the very next trading session on Monday, August 4th, futures gapped higher and last week the market went straight back up! We aren't back at new all-time highs again, but the S&P will be a mere 25-30 points away from another record level! Let's see what to look for today once the opening bell rings.
📊 In the profile pic and key levels below, futures are back into the prior day's range with balanced overnight inventory. If buyers take price back over Friday's high at 6,425.25, then let's look for overnight highs at 6,429.50, then upper targets at 6,440 - 6,450.
If price stays between the 6,425 - 6,402 range, then we could be in for a balancing day, were we would be looking for "responsive" trade back and forth between the bulls and the bears. The only move that would be more bearish is if sellers take price below the key level of 6,402. This happens to be in our lower target range, as well as VAL (Value Area Low) and Friday's half-back. Any move below 6,400 - 6,390 we would be looking for our next lower target zone at 6,370 - 6,360, which is where the new VPOC resides at 6,367.50. Stay frosty today!
Futures are currently trading at 6,417 at the time of this writing.
🧭 VPOC Update: Another new VPOC was added on Friday below at 6,367.50. We now have none above and five below current price.
Current VPOCs:
- 6,367.50
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,440 - 6,450
Key Levels: 6,402 VAL and 1/2 Back
downside target is: 6,400 - 6,390
/NQ upside target is: 23,830 - 23,850
Key Level: 23,710 POC
downside target is : 23,600 - 23,575
/RTY upside target is: 2,245 - 2,250
downside target is: 2,215 - 2,210
Economic Data : NO ECONOMIC DATA TODAY
More Color By : Rich Rickus
- ES - Key Demand $6375-6360 Supply above at $6470 - 6460
Bullish : Sellers trapped above $6365looking to play a break and retest above $6370 long targeting $6415 then $6430
Bearish Buyers trapped below 6350 looking to play short after a break and retest below $6340 targeting $6310 then a break down into $6285
- SPY Key demand at $632-633 with Supply above at $638
Bullish Sellers trapped above $633 looking to play a break and retest from $634 long targeting $636 then a breakout into high $637
Bearish Buyers trapped below $632 after a break and retest below $631 targeting $629 then a breakdown into $627
- /NQ Key demand at $23400 with Supply above at $23650
Bullish Sellers trapped above $23400 looking to play a break and retest above $23450 long targeting $23600 then a breakout back into low $23700
Bearish Buyers trapped below $23400 looking to play short from below $23300 targeting $23000
- QQQ Key Demand at $566 with Supply at $572
Bullish Sellers trapped above $566 looking to play a break and retest from $567 targeting $569 then a breakout into high $570
Bearish Buyers trapped below $565 looking to play a break and retest below targeting $563 then $561
Have a great day!
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