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Good Thursday morning!
BLAST OFF!!! The markets spoke volumes about the results of the election and the DOW, S&P and the NASDAQ hit new all time highs yesterday and the RUSSELL is only about 30 points from all time highs itself.
It will be difficult to say exactly where this move will top out, but for now, the trend is aggressively up! The ONLY thing that will change this in the near term is breaking back down into the gap below Wednesday's low of 5865 in the S&P and below 5900.75 in the ES futures. That's it!! Anything else is just balance! I suspect some back-filling into yesterday's range today but again, unless we lose the lows just mentioned, this is nothing but balance and acceptance as markets digest these new levels and optimism!
Futures are flat to mixed this morning (which makes sense) so if we do go back into yesterday's range, look for key levels to help! Also, I am sorry to say I am still without the key profile pic. As mentioned yesterday.......
**Quick Public Service Announcement: Unfortunately, same news....... I do not have a profile pic as the vendor I use is still having technical difficulties but please know we are working to resolve this ASAP!
As always, however, there are still key levels to consider so check out the levels and targets below! Any price that stays above 5967 in the ES futures is very bullish and would constitute another gap in price. I am not saying we will stay above all day but it is a very key level to watch. If we do lose 5967 then next levels are listed below. Futures are trading @ 5973 at the time of this writing.
VPOC Update: A new VPOC was added yesterday @ 5801 so we now have 28 below current price! Another new record.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5985 - 5995 then 6010
Key Levels: 5958.25 Settlement then 5942 Pivot Point
downside target is: 5915 - 5905
/NQ upside target is: 21,100 - 21,150 then 21,275
Key Level: 20,925
downside target is : 20,775 - 20,745
/RTY upside target is: 2405 - 2420
downside target is: 2395 - 2385
Economic Data:
3-Month Bill Settlement
6-Month Bill Settlement
Jobless Claims @ 9:30 AM ET
Productivity and Costs @ 9:30 AM ET
Wholesale Inventories (Preliminary)
11:00 AM ET
EIA Natural Gas Report @ 11:30 AM ET
3-Month Bill Announcement @ 12:00 PM ET
6-Month Bill Announcement @ 12:00 PM ET
4-Week Bill Auction @ 12:30 PM ET
8-Week Bill Auction @ 12:30 PM ET
FOMC Announcement @ 3:00 PM ET
Fed Chair Press Conference @ 3:30 PM ET
Consumer Credit @ 4:00 PM ET
Fed Balance Sheet @ 5:30 PM ET
More Color....... By Analyst Rich Rickus
Back on the charts Monday.
Have a fantastic day!
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