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Good morning!
I am leaving the picture above in place because while there was another big reversal yesterday from the intraday liquidation break, futures are dropping sharply off of overnight highs, so there is still uncertainty as to the markets next big move. It felt like the bulls were right back at it yesterday...and they were...but this morning is telling a very different story so far. And I say so far because a lot can change in the course of a trading day!!
The SPX held 5440 and the NDX recaptured the key level of 19,580 yesterday so these are still key levels to watch! It will all be about who wins the battle today.....buyers or sellers?!?!
As mentioned, futures are lower across the board and inventory is mixed to net short. We are back inside of yesterdays range after a move above prior day's highs in the overnight session. Please keep an eye on the key levels and profile pic below as these are levels which will tell us who is winning during the day. If price action stays above the 5522 area, which is the POC & Value Area Low, then there could be balance in today's trade. Losing 5522 then look for lower targets. If buyers take it back above 5539.75 then look for our upper targets of 5550 to 5555.
TSLA: Decent day yesterday and still holding. There is an 85% chance the $195 strike calls we sold yesterday will expire worthless by Friday.
VPOC Update: No new VPOC's so we still have 24 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5550 - 5555
Key Level: 5522 POC & Value Area Low
downside target is: 5515 - 5510
/NQ upside target is: 20,090 - 20,110
Key Level: 19,937 POC & Overnight Low
downside target is : 19,865 - 19,845
RTY upside target is: 2060 - 2063
downside target is: 2030 - 2028
Economic Data:
New Home Sales @ 10:00 AM EST
Crude Inventories @ 10:30 AM EST
More Color.......
As ALWAYS, have your stops & targets in place and have a great day!!!
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