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Good Monday morning!
Blast off!
The reversal is now happening fast and after many failed attempts by the bulls to get the market back up last week, futures are gapping up huge this morning and are now clearing very key levels at 5760 in the ES futures and a very key level at 5700 in the S&P cash. Please remember the 5760 area is where the triple top happened last week and I had them circled in the profile pic. This was a failure by the bulls and now the buyers have taken that level out and this is a massive reversal where shorts are now trapped below.
As I have said many times before, I don’t have a crystal ball, and while the bears kept putting pressure on the buyers last week, and it did look like the edge was swinging back to bear’s favor, you can see with this gap up just how quickly things can change. You must stay fluid in this market and adapt and adjust when necessary!!
In the profile pic below, I have circled the triple top again and futures are well above which swings the pendulum back to the bulls. As long as the buyers keep price above 5760, then the bulls are in control for the time being. Our upper targets are in play and there is a VPOC that is also in the crosshairs of the bulls. IF we close strong today then we will be looking for more upside the remainder of the week. Only if the sellers come in and take out 5760 then the overnight low at 5740 and fill the gap to Friday’s high at 5722 would this move fail! Futures are trading at 5787 at the time of this writing.
VPOC Update: No new VPOC's were added or taken out Friday but the closest one above at 5822.50 could be in play today. We currently have 7 above and 28 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5800 - 5810
Key Levels: 5760 Triple Top then 5740 Overnight low
downside target is: 5720 - 5710
/NQ upside target is: 20,450 - 20,500
Key Level: 20,168 Prior swing high 3/17
downside target is : 20,100 - 20,050
/RTY upside target is: 2120 - 2130
downside target is: 2090 - 2080
Economic Data: Very Slow Day
Chicago Fed National Activity Index @ 8:30 AM ET
PMI Composite Flash @ 9:45 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction @ 11:30 AM ET
More Color....... By Analyst Rich Rickus
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/ES - Key Demand $5700-5710 then with Supply above $5855
Bullish : Sellers trapped above $5700 looking to play a break and retest above $5713 long targeting $5759 then $5800
Bearish trapped below $5700 looking to play short after a break and retest from $5685 targeting $5635 then a break down into $5620
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SPY - Key demand at then at $561 then Supply above that at $567 568
Bullish Sellers trapped above $561 looking to play a break and retest from $562 long targeting $563 then a breakout mid high $564
Bearish Buyers trapped below $561 after a break and retest below $560 targeting $559 then a breakdown into $557
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/NQ - Key demand at $19780 then at $19728 with Supply above at $19950
Bullish Sellers trapped above $19760 looking to play a break and retest above $19780 long targeting $19900 then a breakout back into low $20000
Bearish Buyers trapped below $19750 looking to play short from $19720 targeting a breakdown $19600s then $19520s
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QQQ Key Demand at $475-476 with Supply at $480-481
Bullish Sellers trapped above $475 looking to play a break and retest from $476 targeting $478 then a breakout into low mid $489s
Bearish Buyers trapped below $475 looking to play a break and retest short from $474 targeting $472s then $471s
Also watching
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TSLA - Key Demand at $222 then at $225-226 with Supply above at $238
Bullish - Sellers trapped above $238 after a break and retest from $239 looking to play LONG targeting $241 then a breakout into $2452
Bearish - Buyers trapped below $238-237 after a break and retest from $236 below looking to target $232 then a breakdown into $230
Have a great day!!
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