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Good Monday morning,
All it took on Friday morning was a headline from President Trump about China's increasing hostility, and the markets fell off a cliff! The markets were due for a pullback anyway, and that headline was the match that lit the fire! By the way, it can be very frustrating, especially to those who wanted to short the market, that this kind of thing, which is completely unpredictable, and unless you were fast enough, you could have missed the entire move. Now, for those who are short, well done! This is such a significant move that it will most likely hold for some time! We are experiencing a bounce this morning; however, unless the price can move back above 6,698 (which is Friday's half-back), I will be looking for more liquidation.
📊 In the profile pic and key levels, futures are higher across the board on an oversold bounce; however, price is already rolling over from the overnight highs, which currently stand at 6,706. As mentioned, the first key level will be 6,698, and unless buyers step back in, look for more downside to the overnight low at 6,632, then lower targets. If buyers can push price above half-back over 6,698, then above the overnight high, then we will look for upper targets!
Futures are currently trading at 6,670 at the time of this writing.
🧭 VPOC Update: Three VPOC's were taken out on that flush Friday: 6,757.50, 6,703.00, and 6,595.75. Just like that, we now have 7 below with still none above!
Current VPOCs:
- 6,571.75
- 6,509.25
- 6,506.25
- 6,450.50
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,725 - 6,745
Key Levels: 6,698 1/2 Back
downside target is: 6,625 - 6,605
/NQ upside target is: 25,040 - 25,070
Key Level: 24,886 1/2 Back
downside target is: 24,560 - 24,510
/RTY upside target is: 2,465 - 2,475
downside target is: 2,425 - 2,415
Economic Data: NONE TODAY!
More Color By: Rich Rickus
1. /ES - Key Demand $6630-6640 Supply above at $6780
Bullish,: Sellers trapped above $6745 looking to play a break and retest above $6750 long targeting $6788 then $6802
Bearish Buyers trapped below $6740 looking to play short after a break and retest below $6735 targeting $6720, a breakdown into $6695
2. SPY Key demand at $657 with Supply above at $662
Bullish Sellers trapped above $662 looking to play a break and retest from $663 long targeting $665 then a breakout into high $668 new HOD
Bearish Buyers trapped below $662 after a break and retest below $661 targeting $660, then a breakdown into $658
3. /NQ Key demand at $24975 with Supply above at $25150
Bullish Sellers trapped above $24975, looking to play a break and retest above $25000, long targeting $25115, then a breakout back into low $25200
Bearish Buyers trapped below $24950 looking to play short from below $24945 targeting $24875 then $24830
4. QQQ Key Demand at $601 with Supply at $606
Bullish Sellers trapped above $601 looking to play a break and retest from $602 targeting $604 then a breakout into high $606
Bearish Buyers trapped below $601 looking to play a break and retest below $600 targeting $598 then $596
Have a great day!
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