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Good Tuesday morning and Merry Christmas Eve!!
We want to wish everyone a very Merry Christmas and Happy Holidays!!
Also, one quick announcement, the team at MEC will be taking this Thursday and Friday off for a holiday break and we will resume Morning Color on Monday December 30th, ready to take you right into the New Year! Please enjoy your time off!!
For today, we will keep this brief....the sharp pullback from last weeks FED announcement has recovered about 62% of that pullback so 6040-6050 will be a very key range moving forward.
In the key levels and profile pic below, price is trading above yesterdays high (only slightly above as I am writing this) so if we open with a true gap outside of Monday's range, then look for upper targets. Please use 6042 as your line in the sand....long above and short below.
If sellers take price back below 6042, then look for Over Night low @ 6030 for your next target and then the Point of Control @ 6023. Futures are trading @ 6048 at the time of this writing.
**Don't forget the markets close early today @ 1:00 PM EST and of course are closed on tomorrow on Christmas Day.
VPOC Update: No new VPOC's were put in yesterday so we still have 3 above @ 6136, 6154.50 and 6171 and 26 below current price with the closest sitting @ 5870. Today's POC is @ 6030 so if price does not get to hit that level today during regular trading hours, then that will be another new untested Point of Control below. We shall see.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6075 - 6085
Key Levels: 6042 Prior High then 6030 then 6023 POC
downside target is: 5990 - 5980
/NQ upside target is: 22,025 - 22,075
Key Level: 21,777 Prior High then 21,751 POC
downside target is : 21,600 - 21,570
/RTY upside target is: 2300 - 2310
downside target is: 2235 - 2225
Economic Data: Very light day today
Richmond Fed Mfg Index @ 10:00 AM ET
More Color....... By Analyst Rich Rickus
Have a great day and wishing everyone a very Merry Christmas and Happy Holidays! We will see you on Monday December 30th!
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