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Good morning!
Markets all closed in the red yesterday and we continue to one time frame lower, however it still seems there is no aggressive selling yet but stay alert! There has been massive selling behind the scenes and trust me they do not want to "spook" the market. Bezos, the Walton Family (Walmart), Jamie Dimon from JPM Chase and even Warren Buffett has been trimming his position in AAPL!!!! First time in years!!
We have important data coming out at 8:30 AM EST, PCE Index, which is a read on inflation which the FED pays close attention to so it has the ability to move markets.
The profile pic lays out the important levels....we have been making lower highs and lower lows but it is still too early to claim the bulls are done. Notice how that 5068 area has been key....it has been broken several times but keeps being bought back up. If we do finally lose it with tempo and momentum, the lower targets are there for you!!!
Futures are lower this morning and we are actually below prior days range. Overnight inventory is "net short" so there could be a fade higher. Watch for a move back above a one minute high. Target yesterdays low first.
There were not any new VPOC's added above or below so still have 17 untested points of control below current price. Still a record number!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5090 - 5100
downside target is: 5060 - 5050 (then 5040 then 5020)
/NQ upside target is: 18,000 - 18,020
downside target is : 17,895 - 17,875 (then 17,850 then 17,760)
/RTY upside target is: 2052 - 2055
downside target is: 2042 - 2039
Economic Data: Red Star Events This Morning!
** PCE @ 8:30 AM EST
Pending Home Sales @ 10:00 AM EST
Natural Gas Inventories @ 10:30 AM EST
FED Members Bostic, Goolsbee and Mester all speak today!
More Color.......
/ES - Key Demand at $5060-5050 with Supply above at $5095 -5078
- Looking to play short as long as price can hold below $5080
SPY - Demand at $ 503- 505 with Demand flipped to Supply at $507-505
- Buyers trapped at the open playing a break and retest short from $505
- Sellers trapped above $504 to play long and a break out , pullback and hold
- Sell off at the open looking to play short off a pullback or break & retest VWAP
SPX - Same balanced range as yesterday and Monday
- Demand flipped to Supply at $5090-5080 with Demand at $5038- 5055
- Break and retest below $5080 I will look to play short targeting $5065 then $5040
/NQ - Bounce pre market Demand at $17890 - 17910 with Supply above at $17980
- I would only look to play short off from Supply or below $18000
QQQ - Same balanced range Demand at $434 - 433 with Supply above at $ 438 - 437
- First set up I am looking for is a failed rally where buyers are trapped in Supply to
play short from $437 targeting $436 first then $435. 50
AMD - Key Demand at $174 after a sell off looking to see if that area gets tested again
- Sell off open looking to play a break and retest long from $174 targeting $176
Have a great day!
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