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Good Monday morning!
The carnage continues! Markets got crushed last week and it seems like we could be in for more pain again today. Dow futures down another 650, although they were off over 1,700 at one point! S&P futures are lower by 95 and NASDAQ at this time is down another 385. They are again well off of overnight lows but this does not mean we are out of the mosh pit. Word of the day continues to be CAUTION!
In the profile pic and key levels below, overnight inventory is 100% net short again, and once more we are well off of the overnight lows. These ranges during the day are HUGE so you must be careful. IF price can get above the overnight high at 5040, then look for the gap fill to Friday's low of 5088.50, then upper targets. If price stays below 5040, then look for lower targets then a possible retest of the overnight lows at 4832! The VIX spiked above 60 overnight and now sits at 47. Massive fear in the markets right now but try to stay calm and sit it out again if you must! Don't try to be a hero in this market environment. Big potential gains but also huge potential risk! Futures are trading at 5010 at the time of this writing. This will work itself out my friends. The markets always do!
VPOC Update: Another new VPOC was added Friday above at 5482. We now have 9 above and 20 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5120 - 5150 then 5210 - 5250
Key Levels: 5040 ON High then 5088.50 Friday Low
downside target is: 4995 - 4950 then 4900 - 4830
/NQ upside target is: 17,900 - 17,995
Key Level: 17,270 Key level
downside target is : 17,150 - 17,100
/RTY upside target is: 1865 - 1890
downside target is: 1780 - 1740
Economic Data: Very Very Light Today
Treasury Buyback Announcement (Preliminary) @ 11:00 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction @ 11:30 AM ET
Consumer Credit @ 3:00 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Key Demand $4832-45 with Supply at $5008 then $5105-5073
Bullish : Sellers trapped above $5105 looking to play a break and retest above $5150 long targeting $5190 then $5250
Bearish Buyers trapped below $5070 looking to play short after a break and retest below $5000 targeting $4900 then a break down into $4850s
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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
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/NQ Key demand at $16460 with Supply above at $17100
Bullish Sellers trapped above $17100 looking to play a break and retest above $17150 long targeting $17300s then a breakout back into low $17400’s
Bearish Buyers trapped below $17100 looking to play short from $17000 targeting a breakdown $16800 then $16600s
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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!!
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