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Good morning traders!
Looks like some pent up selling pressure has finally entered the markets and prices have moved off of their recent highs as things are looking good for those that started to sell (certain) longs and/or begin new short operations.
We are seeing further evidence of downside movement as we are now "one time framing lower" (which means each days high is lower than the next...lower highs and lower lows) and to boot we not only took out a VPOC below us 4781.50, we actually put in a new VPOC above current price at 4815.50! Also please note the yellow shaded areas in the profile pic at the bottom of the report...notice the "trend" of them!
Futures are lower again this morning with overnight inventory about 90% net short. So far buyers have supported the lows from yesterday in both the /ES and /NQ so look for those levels to potentially hold and balance out the overnight inventory (meaning go higher first). If the prior days low and overnight low get taken out, then 4740 area would be my next target zone! Please be aware we have market moving economic data today....please see below!
/ES upside target is 4810-15
downside target is 4760-65
/NQ upside target is 16,850-860
downside target is 16,600-620
/RTY upside target is 2054-56
downside target is 2002-05
Economic Data:
ISM Manufacturing @ 10:00 * Red Star Event - Potential Market Mover!!!
Jolts @ 10:00
FOMC Minutes @ 2:00 PM EST * Red Star Event - Potential Market Mover!!!
More Color.......
/ES - Consolidating under supply at $4800-$4885 with Demand below that at
$4760-$4740 . ideally would like to pull back to demand and hold to play long.
SPY - Demand flipped to Supply yesterday at $473-474 , selling off pre market. If price
push back up but doesn't break and hold $474 I want to play a break and retest short
- Buyers at the open getting trapped at Supply , playing short targeting $471.35
- Sellers at the open pushing price back down to $469 with it holding above to play
long targeting $472
- Demand flipped to Supply with selling through $468 playing short from $469 on a
pullback or break and retest targeting $466. 50 first then $464.90
SPX - Sell off from Supply yesterday after a gap down at $4755-$4745 with it
bouncing from demand $4720-$4730. If price breaks above $4760 I would look to play
long with price finding support at $4755 playing long targeting $4762 then $4770
/NQ - Consolidating inside a balance range between demand at $16580-$16000
- Supply above that at $16800- $16780 (need to see price test one of these levels)
QQQ - Selling off to prior Demand at $400-401 where Demand has been flipping to
Supply in previous market trends since last week. If the price falls below $399 I would
like to play a break and retest short from Demand flipping to supply. Or if price holds
above $400 I would like to play long, Buyers at the open could get trapped at $402
- Sellers pushing price through demand for PUTS targeting $397.50
- Buyers trapped at the open under previous lows at $403- ( $402 PUTS )
- Sellers trapped inside demand with price holding above $400
AMD - Demand flipped to Supply at $141 with Demand below at $135 ( selling off)
TSLA - Consolidating inside demand at $246 with it potentially looking to flip to Supply
- The next level of Demand below that is $240-242 the at $235
GOOGL- Sell off into Demand at $136.50-$137.50 , if price breaks below this and hold i
would like to play short targeting $133. Price above that can set up a break and retest
long targeting previous supply and HOD $142-$143
AAPL- Strong sell off yesterday making LOD inside Demand at $182-$183
- Overall Trend : Demand has been flipping to Supply ( Selling Off )
Have a great trading day!
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