|
Good Friday morning,
As we head into the long, three-day holiday weekend, we want to wish each and every one of you a very happy holiday! Get some rest and have some fun. The markets will always be here when you return, so enjoy the time off. And yes, the markets are closed on Monday, so Morning Color will be back on Tuesday, September 2nd!
Heading into today's trading session, futures are lower across the board. However, there was a pop after the inflation data (PCE) came in better than expected. Futures are still lower but we are now squarely within prior day's range, so half-back at 6,502 and VAL (Value Area Low) at 6,496 will be the first key range to watch!
📊 In the profile pic and key levels below, you can see we are close to the key levels listed, so keep it simple today. Above 6,502, look for POC, ON high, and then upper targets. If sellers take price below 6,496, then look for ON low and lower targets! We are heading into the end of the month for August, plus a long, holiday weekend, so there could be some profit taking after new all-time highs were hit again yesterday!
Futures are currently trading at 6,499 at the time of this writing.
🧭 VPOC Update: No new VPOC's added or taken out yesterday, so we still have none above and five below the current price.
Current VPOCs:
- 6,456.00
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,520 - 6,530
Key Levels: 6,502 1/2 Back
downside target is: 6,.465 - 6,455
/NQ upside target is: 23,795 - 23,825
Key Level: 23,683 POC
downside target is : 23,540 - 23,510
/RTY upside target is: 2,395 - 2,405
downside target is: 2,360 - 2,350
Economic Data :
Personal Income and Outlays @ 8:30 a.m. EST
International Trade in Goods @ 8:30 a.m. EST
Chicago PMI @ 9:45 a.m. EST
Consumer Sentiment @ 10:00 a.m. EST
More Color By : Rich Rickus
Back at it Tuesday!
Have a great day and a fantastic long holiday weekend! See you Tuesday, September 2nd!
| 
