From last week’s newsletter:
“396.60 is immediately below, a fib level and also where the 50SMA sits. It’s possible for us to see some tight range action here between 396.60 and 406.67 until we can manage a close below 396.60 or above 406.61 (keep in mind the 407.22 DP sell level).”
We’ve now traded the last 5 days in the 396.60-400.67 zone on SPY 0.00%↑ (or 3970-4024 for $ES_F . For further downside we need to see a daily close below 396.60 and subsequent open below then we can target 393.14 and 390.59. There is prior dark pool sellers at 400.62 and until that is overcome to the upside, there is no momentary bullish reversal.
Here is the economic news calendar for tomorrow:
Tomorrow is TSLA 0.00%↑ investor day, there is extreme OTM flow on this in both directions.
For tomorrow we will need to keep our eyes on the following levels/conditions:
$ES_F
3970 pivot
→ Above 3970 can see bounce back into 4010 and 4024, 4035
→ Below 3970 can see drop to 3956 and 3934-3940
SPY 0.00%↑
396.60 pivot
→ Above pivot target 400.67, 402.5 overshoot
→ Below pivot target 393.11, 390.59 overshoo
TSLA 0.00%↑
May see more range between 190-210 ahead of event. After event use the following:
Below 190 target 175.60 - 170.84
Above 210 target 221.26 - 235
NVDA 0.00%↑
Multiple day consolidation here at 233 after ER
Watching a crack below 227.30 for a short to 220-
Below 227.30 target 224, 220
Above 239 target 24
Will send out real time updates in the discord.
- Jovan