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Good Wednesday morning,
Someone poked the bear, and he's angry! After what has seemed like a never-ending upward move, sellers finally engaged, and key levels were lost to the downside, hitting our lower targets! There was also a very evident technical signal indicating that a short-term top is in, and that would be a "close-to-perfect" double top, along with a poor high on Monday. This shows us that the buyers have stepped away from the plate.
📊 In the profile pic and key levels, futures are in a very key range of single prints between 6,731 - 6,721. This is your first key signal to watch. Single prints occur when there is high volatility and price moves very quickly, either up or down, and yesterday the move was down! If sellers take the price below 6,721, then look for lower targets and a repair of the poor low yesterday at 6701.75. If buyers can take the price above 6,731, then look for upper targets, and a possible repair of the poor high and double top.
Futures are currently trading at 6,724 at the time of this writing.
🧭 VPOC Update: No new VPOC's were added or taken out on Tuesday, so we still have 9 below the current price with none above.
Current VPOCs: 9 BELOW!
- 6,661.25
- 6,595.75
- 6,571.75
- 6,509.25
- 6,506.25
- 6,450.50
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,750 - 6,760
Key Levels: 6,731 - 6,721 Single Prints - * Key Range*
downside target is: 6,700 - 6,690
/NQ upside target is: 25,000 - 25,025
Key Level: 24,895 1/2 back
downside target is: 24,750 - 24,725
/RTY upside target is: 2,495 - 2,505
downside target is: 2,465 - 2,455
Economic Data: Very Light
New Home Sales @ 10:00 a.m. EST
Crude Inventories @ 10:30 a.m. EST
More Color By : Rich Rickus
Have a great day!
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