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Good Wednesday morning,
Bulls are still living in fantasy land as nothing seems to bother this market. Up, up, and away again yesterday, as downside targets were hit and held at 6,490. Buyers came right back in the fray (as usual), and took price right back up over that critical level of 6,503. By the way, yesterday's low was just 3 ticks below our downside target of 6,489.25. Oracle also came out with earnings after the bell and pumped futures even higher, and this morning PPI just came out - and it's up yet again!
📊 In the profile pic and key levels below, we have a true gap over prior day's high at 6,528.50, and all time high back on 9/5 at 6,541.75. This is our first key level for today. Price that stays above this level keeps buyers firmly in control, and shorts are in trouble once more! This is now the 22nd all time highs hit this year. Being in "clear air" up here, there is nothing to look at to our left to see where price may stop so we just have to follow target levels and pivots for potential highs.
Upper targets for today are 6,575 - 6,585, and please see pivot table below for further potential upside levels. If sellers take price back below 6,541.75, then our lower targets are 6,535 - 6,525 which accounts for the gap fill to prior high at 6,528.50.
Futures are currently trading at 6,552 at the time of this writing.
🧭 VPOC Update: No new VPOC's were added or taken out yesterday, so we still have none above and six below the current price.
Current VPOCs:
- 6,480.00
- 6,450.00
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,575 - 6,585
Key Levels: 6,541.75 Prior All Time High
downside target is: 6,.530- 6,520
/NQ upside target is: 24,125 - 24,150
Key Level: 23,960 Overnight 1/2 back
downside target is : 23,875 - 23,850
/RTY upside target is: 2,410 - 2,420
downside target is: 2,380 - 2,370
Economic Data : Red Star Events
PPI Final @ 8:30 a.m. EST
Crude Inventories @ 10:30 a.m. EST
More Color By : Rich Rickus
Have a great day!
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