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Good Thursday morning,
The above pic says it all! Just how high can these markets go?! New all-time highs continue to be hit, and you can thank the news flow regarding tariff negotiations, AI-driven infrastructure build-out, the GENIUS Act regarding crypto and Stablecoins, and positive corporate earnings reports. These factors are all bolstering bullish market sentiment. Hang on for the ride, but PLEASE be on the lookout for a liquidation break, which could last more than 30 minutes can actually last for more than 30 minutes!
📊 In the profile pic and key levels below, you can see how the poor high was repaired and new all-time highs were hit during regular trading hours. This is important: the top should be during the RTH session, NOT the overnight session.
Now, that being said, we do have a double top in the overnight session and yesterday's RTH, so this could be construed as a weak high—a very visual reference point that everyone sees (see's) the same way. It may signal exhaustion.
A break below the Point of Control (POC) should lead to further liquidation and lower targets at 6,380–6,370—then look for 6,360–6,350. Any price action that stays above 6,389.50 keeps the edge with the buyers!
Futures are currently trading at 6,398 at the time of this writing.
🧭 VPOC Update: 6.368.25 was taken out above and another new VPOC was added below at 6,336. We now have five VPOC's all below current price
Current VPOCs:
- 6,336.00
- 6,283.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,420 - 6,430
Key Levels: 6,389.50 POC
downside target is: 6,380 - 6,370
/NQ upside target is: 23,450 - 23,475
Key Level: 23,276 1/2 Back
downside target is : 23,225 - 23,200
/RTY upside target is: 2,300 - 2,315
downside target is: 2,275 - 2,265
Economic Data : Red Star Event
Jobless Claims @ 8:30 AM ET
PMI Composite Flash @ 9:45 AM ET
Natural Gas Inventories @ 10:30 AM ET
More Color By : Rich Rickus
Have a great day!
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