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Good Tuesday morning!!
New all time highs continue to ring out day after day and there seems to be no end in sight to this rally. Traders and investors around the world continue to put capital to work, but as we all know, this cannot last forever. However, for now, you don't want to fight the trend.
For today, any price action above 6035 in the S&P cash, and above 6062.25-6059 in the ES futures is continued edge to the bulls. As we said yesterday, it's literally that simple. Try not to complicate things. If sellers step up their operations, then any break below 6062.25 and then 6059 in the ES can we then look for lower targets. Please remember a liquidation break could happen any day at any time so stay frosty!
Any price action that gets and stays above 6062.25, then look for the poor high to be taken out and repaired, then upper targets. Overnight inventory is net long and we are opening inside of Monday's range at this moment, although we may have a true gap once the opening bell rings @ 9:30 EST. Keep an eye on target levels and profile pic below.
Futures are mixed to flat this morning and are trading @ 6064 at the time of this writing.
VPOC Update: No new VPOC's added yesterday so we still have 29 below current price. 6015 is the closest below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6075 - 6085
Key Levels: 6062.25 POC then 6059 1/2 Back
downside target is: 6040 - 6030
/NQ upside target is: 21,330 - 21,360
Key Level: 21,187 Overnight low then 21,144 1/2 Back and top of single prints
downside target is : 21,130 - 21,100
/RTY upside target is: 2450 - 2460
downside target is: 2430 - 2425
Economic Data:
Motor Vehicle Sales
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
JOLTS @ 10:00 AM ET
Treasury Buyback Announcement (Preliminary) @ 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
Adriana Kugler Speaks @ 12:35 PM ET
Austan Goolsbee Speaks @ 3:45 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand at $6035-50 with Supply at $6065 HOD
Bearish
Buyers trapped below $6035 after a pullback below $6030 looking to play SHORT targeting $6017.50
Bullish
Sellers trapped above $6040 after a break and retest above $6045 playing LONG targeting $6065 - HOD
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SPY - Demand at $601-602 previous Supply with NEW Supply above that at $603-604
Bullish
Sellers trapped above $601after a break and retest above $602 looking to play LONG targeting high $604 then low $605
Bearish
Buyers trapped below $601 after a retest from $600 targeting $598 then $597
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/NQ - Key Demand at $20940 with Supply $21259 HOD
Bullish
Sellers trapped above $20940 looking to play long after a pullback holds above $20945 targeting $21080 than $21200
Bearish
Buyers trapped below $20940 and holding below looking to play short targeting $20865
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QQQ - Key Demand at $509 -510 that was previous Supply with a GAP then Supply above at $516 HOD
Bullish
Sellers trapped above $509 looking to play long from a break and retest at $510 targeting high $511 then $512
Bearish
Buyers trapped below $509 after a break and retest below $508 looking to play short targeting $506 then mid high $505
Also watching
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TSLA Supply flipped to Demand at $345-344 with Supply at $358
Bearish
Buyers trapped below $344 after a break and retest from $343 looking to play SHORT TARGETING $ $342 then new $340
Bullish
Sellers trapped above $348 after a break and retest from $349 looking to play long targeting $352 then $355
Have a great day!
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