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Good Monday morning,
Last week the S&P went absolutely nowhere, and what I mean by that is that the markets just "balanced" and went sideways the entire week. As proof, on Monday the 7th, the S&P opened at 6,259, and five days later, closed at the exact same price on Friday the 11th at 6,259!
Five days of trading chop, back and forth, yet finished exactly where it started at the beginning of the week. This is just a battle between the buyers and sellers, but it won't stay like this forever. We need to pay close attention moving forward as the inevitable breakout, up or down, will occur.
In the profile pic and key levels below, we are lower this morning so there is possibility for change, but we will have to wait and see where this market closes today, as I feel this should give us more information as we move forward. Price explored well below Friday's low at 6,278.50 in the overnight session, however, buyers have pushed price back into range back above 6,278.50, so this level will be critical today.
If futures stay above 6278.50, then the buyers may step in and push price up to half-back at 6296, then to the POC at 6,299.50 (upper targets). If sellers take price back outside of Friday's range, below 6,278.50, then we should be looking for lower targets, and then possibly down to the 6,245 area.
Futures are currently trading at 6,280 at the time of this writing.
VPOC Update: A new VPOC was added above at 6,323.50. We are back to one above and four below.
VPOCs
6,323.50 / 6,271 / 6,146 / 6,091 / 6,050
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,300 - 6,310
Key Levels: 6,299.50 POC and 6295.50 1/2 back
downside target is: 6,270 - 6,260
/NQ upside target is: 23,000 - 23,025
Key Level: 22,942 1/2 back
downside target is : 22,775 - 22,750
/RTY upside target is: 2,260 - 2,270
downside target is: 2,225 - 2,215
Economic Data : None
More Color By : Rich Rickus
- /ES - Key Demand $6250-6260 then Supply above at $6335- 6340
Bullish : Sellers trapped above $6250 looking to play a break and retest above $6260 long targeting $6300 then $6325
Bearish Buyers trapped below $6245 looking to play short after a break and retest below $6240 targeting $6220 then a break down into $6190
- SPY Key demand at $619-620 with Supply above at $624-625
Bullish Sellers trapped above $620 looking to play a break and retest from $621 long targeting $622 then a breakout into high $624’s
Bearish Buyers trapped below $619 after a break and retest below $618 targeting $616 then a breakdown into $614s
- /NQ Key demand at $22800 with Supply above at $23112
Bullish Sellers trapped above $22800 looking to play a break and retest above $22850 long targeting $22900 then a breakout back into low $23100s
Bearish Buyers trapped below $22750 looking to play short from below $22740 targeting $22600 then $22550s
- QQQ Key Demand at $550-549 with Supply at $556-557
Bullish Sellers trapped above $550 looking to play a break and retest from $551 targeting $553 then a breakout into high $555
Bearish Buyers trapped below $549 looking to play a break and retest below $548 targeting $546 then $545s
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AMD - Key Demand at $142 with Supply above at $147-148
Bullish - Sellers trapped above $142 after a break and retest from $143 looking to play LONG targeting $145 then a breakout into $146s
Bearish - Buyers trapped below $142 after a break and retest from $141 to play short targeting $139 then breakdown into $137s
- BBAI - looking to add more shares at $5.80-6.10
Have a great day!
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