S&P 500
Who is in control?
Buyers are in control of this market.
What needs to hold for buyers to stay in control?
On a monthly basis my bull/bear line in the sand is 1456.
On a more short term basis my bull/bear line is 1468.75.
Areas to do business today
Buy: 1490.50, 1480.75, 1476.50
Sell: 1496.50, 1502.25, 1509, 1514
Gaps: 1440.75, 1465.75, 1490.75
NVPOCs: 1432.50, 1445.50, 1449.50, 1467, 1473.75, 1492
- Even with the selling throughout the midday value and VPOC both moved higher yesterday.
- The 1490.50 VPOC to 1491.25 LVN area should be key for today. Below it and the market will want to test 1486-87.25 and 1480.75.
- If the market finds acceptance at and above yesterday’s VPOC then the objective will be the 1496.50 LVN, 1497.75 high and 1502.25.
- The market will have to push to get through 1502.25 but the objective above that is 1509.
- The last few sessions buyers have showed up at either the previous day’s VAL and/or VPOC to push the market higher. If the market is accepting prices below those areas this could force a lot of trapped longs to liquidate their positions.
Other support and resistance areas are outline on the chart below.
dsmtrader 