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Good Thursday morning,
Bulls on parade! And there seems to be no end in sight, or is there? After a huge gap up on Tuesday, the buyers stood fast and held that gap yesterday, with value that built sideways (which is bullish) and back-to-back POC's! That is a strong tell my friends! Until we see price break lower and value building lower as well, then the buyers still have the edge.
Today, In the profile pic and key levels below, futures are trading above prior high, and that's the first key level for today. If price stays above 6160.25, then edge remains with the buyers, and we could hit our upper targets at 6175-6185. If sellers take price below 6160.25, then look for a retest of back-to-back POC's at 6146! This will be VERY KEY for today. Further price exploration below that level could bring in panic selling and we would then target 6115-6100.
Futures are currently trading at 6165 at the time of this writing.
VPOC Update: No new VPOC's taken out or added yesterday. 6091 and 6050 are closest below, and today's POC at 6146, if not traded through today, might be another new VPOC below. It is definitely in play, but if it is not touched, then that is another very bullish sign!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6175 - 6185
Key Levels: 6160.25 Prior High then 6146 POC
downside target is: 6115 - 6100
/NQ upside target is: 22,600 - 22,650
Key Level: 22,548.25 Prior High then 22,468 1/2 back
downside target is : 22,300 - 22,250
/RTY upside target is: 2170 - 2180
downside target is: 2145 - 2135
Economic Data : Red Star Event/VERY BUSY
Durable Goods Orders @ 8:30 AM ET
GDP@ 8:30 AM ET
International Trade in Goods (Advance) @ 8:30 AM ET
Jobless Claims @ 8:30 AM ET
Chicago Fed National Activity Index @ 8:30 AM ET
Corporate Profits @ 8:30 AM ET
Retail Inventories (Advance) @ 8:30 AM ET
Wholesale Inventories (Advance) @ 8:30 AM ET
Beth Hammack Speaks @ 9:00 AM ET
Pending Home Sales Index @ 10:00 AM ET
EIA Natural Gas Report @ 10:30 AM ET
3-Month Bill Announcement @ 11:00 AM ET
6-Week Bill Announcement @ 11:00 AM ET
6-Month Bill Announcement @ 11:00 AM ET
Kansas City Fed Manufacturing Index @11:00 AM ET
4-Week Bill Auction @ 11:30 AM ET
8-Week Bill Auction @ 11:30 AM ET
7-Yr Note Auction @ 1:00 PM ET
Michael Barr Speaks @ 1:15 PM ET
Fed Balance Sheet @ 4:30 PM ET
More Color By : Rich Rickus
- /ES - Key Demand $6060 -6070 then below at $5960 and $5925 with Supply above at $6143-6170
Bullish : Sellers trapped above $6060looking to play a break and retest above $6070 long targeting $6120 then $6150
Bearish Buyers trapped below $59960 looking to play short after a break and retest below $5955 targeting $65926 then a break down into $5890s
- SPY Key demand at then at $603-604 with Supply above at $606-607
Bullish Sellers trapped above $603 looking to play a break and retest from $604 long targeting $606 then a breakout into high $606 new HOD
Bearish Buyers trapped below $603 after a break and retest below $604 targeting $603 then a breakdown into $601
- /NQ Key demand at $22200 then at $21500 with Supply above at $22380-22400
Bullish Sellers trapped above $22200 looking to play a break and retest above $22010w long targeting $22300 then a breakout back into low $22400
Bearish Buyers trapped below $21550 looking to play short from below $21500 targeting $21400 then $21200s
- QQQ Key Demand at $535-536 with Supply at $539-538
Bullish Sellers trapped above $535 looking to play a break and retest from $536 targeting $538 then a breakout into high $539.50
Bearish Buyers trapped below $535 looking to play a break and retest below $534 targeting $532 then $531
Have a great day and stay cool!
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