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Good morning!
Well we call that WWSHD...."when what should happen does or when what should happen doesn't". And what I mean is when price took out 5510 two days ago, the market had every chance and opportunity to go lower and it didn't! And as I said yesterday.....
"When a key level like that gets taken out and "it should go lower" and doesn't, then that is some really important information we need to think about...buyers are still in control!!"
AND
"If the buyers defend again then look for 5522 then 5531.25. If tempo and momentum stays with the buyers, then look for upper target @ 5545-5550."
As you saw yesterday, all these things played out and upper targets were hit and even surpassed!! This market has absolutely zero fear and al is well in fantasy land!
As far as today, there could be some back filling into prior days range but make no mistake about it, the buyers are still very much in control of this market! Please see key levels and profile pic for targets and important lines in the sand today, especially in the /ES @ 5559 and the /NQ's @ 20,200...these initial levels are very important at the opening bell!
Quick reminder...markets close early today @ 1:15 PM EST and are closed all day tomorrow, Thursday July 4th!
Happy holiday!
SNOW: Holding for now.
VPOC Update: Well that didn't last long. The new VPOC @ 5558.25 was been taken out yesterday. We still have 24 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5580 - 5590
Key Level: 5542 1/2 Back
downside target is: 5540
/NQ upside target is: 20,350 - 20,370
Key Level: 20,200 Overnight low and top of single prints
downside target is : 20,155 - 20,135
RTY upside target is: 2068 - 2070
downside target is: 2037 - 2034
Economic Data: VERY BUSY TODAY!
ADP Employment Report @ 8:30 AM EST
Jobless Claims @ 8:30 AM EST
International Trade in Goods and Services @ 8:30 AM EST
PMI Composite @ 9:45 AM EST
Factory Orders @ 10:00 AM EST
ISM Services Index @ 10:00 AM EST
Crude Inventories @ 10:30 AM EST
Natural Gas Inventories @ 12:00 AM EST
FOMC Minutes @ 2:00 PM EST
More Color.......
/ES - Key Demand at $5500 - 5510 with Supply above at $5580-90
1. Sellers trapped above $5500 looking to play long targeting $5530
2. Buyers trapped below $549 looking to play short targeting new LOD
SPY - Demand $543-541 with Demand flipped to Supply at $550- 549
1. A breakdown below $542 and holding after a pullback I will look to play short targeting $540
2. Sellers trapped above $542 I will look to play long off a break and retest from $544 then targeting $545
SPX Key Demand at $5400 then at $5440 with Supply above at $5523
1. A breakdown below $5400 and holding below after retest I will look to play short targeting NEW LOD
2. A bounce above $5440 I will look to play long targeting $5485 then new HOD
/NQ Demand at $19726 -19750 with Supply above at $20255-20371 HOD
1. Sellers trapped above 19800 looking to play long targeting $20150
2. I would only be interested short iif buyers are trapped below $19700
QQQ Key Demand at $478-480 with Supply above at $486-487
1. Sellers trapped above $478 looking to play long off a break and retest
targeting $480 then new HOD
2. Buyers trapped below $478 playing short after a break and retest
targeting $475
Have a Happy 4th of July! See you Friday morning!
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