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Good morning,
Well, all it took was one piece of economic data to send the markets screaming higher yesterday, and it was ISM Services at 10:00 AM EST. Upon the release of the numbers, buyers stepped on the gas and the key levels we listed to the upside were taken out and our upside targets were nailed!!!! Remember, I never said I knew which was the market was going to go but I knew Tuesday's range was important and if either the high or low of that day was breached, to go with that direction....and yesterday it was higher!
From MC yesterday.......
"If we break back above Tuesday's high then target gap fill to 5280-5285. If 5235-5230 gets taken out to the downside then we could see more selling pick up with momentum because people would be trapped higher above!"
Well yesterdays high was 5280.75! I really hope you are at least considering these levels I give you every day as I am giving you key supply and demand zones as targets.
As of this writing, futures are higher with overnight inventory 100% net long and at least for now, a true gap outside of prior days range. That might change prior to the opening bell but we just had jobless claims come out @ 8:30 AM EST and futures are at new overnight highs!.
The key levels are listed in the profile pic below and anything that stays above 5265-5260 is bullish, and anything that stays above 5280.75-5282 is even more bullish and upper targets should be in play.
VPOC Update: A new VPOC was added yesterday below at 5243.75 and the one above is 5294.25 is one of the reasons for our upper target zone. We are now back to 22 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5290 - 5295 then 5315
Key Levels: 5265 - 5260 1/2 back Overnight Low & VAL
downside target is: 5235 - 5230
/NQ upside target is: 18,475 - 18,495
Key Level: 18,380 - 18,350 1/2 Back, Overnight low & VAL
downside target is : 18,275 - 18,250
/RTY upside target is: 2117 - 2120
downside target is: 2078 - 2075
Economic Data:
Jobless Claims @ 8:30 AM EST
International Trade in Goods and Services @ 8:30 AM EST
Natural Gas Inventories @ 10:30 AM EST
More Color.......
/ES - Key Demand at $5264 - 5274 with Supply above at $5295-5300
- Buyers at the open trapped after rallying into 5288/5295 looking to play short off a break and retest targeting 5275 first then $5263
- If bulls can break above and find support I want to play long above 5288/5295 targeting 5310 first then $5320
SPY - Key Demand at $515-516 than yesterday at $517.66-519 Supply at $522
- Sell off at the open looking for bears to be trapped above $519 looking to play long targeting $522 then $523
- Buyers at the open fail to break out above $522 looking to play short off a break and retest targeting $518
SPX - Key Demand at $5180 - 5190 with Supply above at $5230
- Sell off at the open looking for bears to be tapped where buyers appear above at
$5190-95 looking to play long targeting $5210 then $5225
- Buying at the open fails to break out above $5230 looking to play short
/NQ - Key Demand at $18400 18430 with Supply $18500- 18490
- Sellers trapped above $18420 at the open looking to play long. If price breaks below and holds $18385 I will look to play short targeting $18350
QQQ - Key Demand from yesterday at $442 - 443 with Supply above at $445
- Buyers at the open break above $445.47 I will look to play long off a break and retest from $447 targeting $448.
- Sell off at the open with bears pushing price below $441 and holding I will look to play a break and retest short targeting 440 then $439
AMD - Key Demand at $178 - 180 with Supply above at $184 - 186
- Sellers trapped at the above $178 looking to play long targeting $182
TSLA - Inside a balanced range where demand flipped to supply at $175-173
As ALWAYS, have your stops in place!!!
Have a great day and stay safe!
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