|
Good Tuesday morning!
Now that was a volatile session yesterday as markets saw some of the biggest intraday price swings in trading history! I have never seen an almost 3,000 - point swing in Dow futures, 400 + points in the ES and almost 1,700 points in the NQ's! Markets of course have been subject to massive moves due to the recent tariff announcements, however, as I have been saying for some time, the markets were due for a correction as we have seen back-to-back years of +25% gains and that, my friends, just cannot last forever!! As always, we now are seeing a huge bounce from oversold conditions.
In the profile pic and key levels below, overnight inventory is now 100% net long, so traders are covering their short trades and buying the dip. If price can stay above the 5180 - 5160 range, then price could see more upside and possibly look for upper targets at 5275 - 5300 and extended targets listed below.
If sellers take price back down below 5180 - 5160, then look for VAH (Value Area High) at 5138.50, then ON low at 5115 then the POC (Point of Control) at 5095.50. If selling persists beyond the POC, then we could be seeing the lower targets of 4950 - 4910. Futures are trading at 5225 at the time of this writing.
VPOC Update: Several VPOC's were taken out yesterday below at 5054.50 and 5002.75, and the closest VPOC's above are at 5420 and 5482. We have 9 above and 18 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5275 - 5300 then 5375 - 5400
Key Levels: 5180 ON 1/2 Back and 5160 Bottom of Spike
downside target is: 4950 - 4910 then 4875 - 4860
/NQ upside target is: 18,100 - 18,200 then 18,290 - 18,350
Key Level: 17,515 Key level Prior day 1/2 Back
downside target is : 17,325 - 17,300 then 17,100 - 17,050
/RTY upside target is: 1875 - 1900
downside target is: 1760 - 1740
Economic Data: Light Day Today
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
NFIB Small Business Optimism Index @ 6:00 AM ET
Treasury Buyback Announcement @ 11:00 AM ET
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @ 11:00 AM ET
6-Week Bill Auction @ 11:30 AM ET
3-Yr Note Auction @ 1:00 PM ET
Treasury Buyback Result @ 2:00 PM ET
Mary Daly Speaks @ 2:00 PM ET
More Color....... By Analyst Rich Rickus
-
/ES - Key Demand $4832-45 with Supply at $5190 then $5105-5073
Bullish : Sellers trapped above $5190 looking to play a break and retest above $5200 long targeting $5252 then $5287 HOD
Bearish Buyers trapped below $5070 looking to play short after a break and retest below $5000 targeting $4900 then a break down into $4850s
-
SPY Key demand at then at $482 with Supply above at $502 and $506
Bullish Sellers trapped above $506 looking to play a break and retest from $507 long targeting $508 then a breakout mid high $510s
Bearish Buyers trapped below $502 after a break and retest below $501 targeting $498s then a breakdown into $495s
-
/NQ Key demand at $17144 with Supply above at $17900
Bullish Sellers trapped above $17900 looking to play a break and retest above $17950 long targeting $18100s then a breakout back into low $18300’s
Bearish Buyers trapped below $17400 looking to play short from $17370 targeting a breakdown $17100 then high $16800s
-
QQQ Key Demand at $398 with Supply at $424 then at $420
Bullish Sellers trapped above $424 looking to play a break and retest from $425 targeting $426 then a breakout into low mid $428s
Bearish Buyers trapped below $417 looking to play a break and retest short from $416 targeting $413s then $410s
Have a great day!!
| 
