|
Good morning. TGIF!
Markets cleared and closed above 5200 and bulls remain firmly in control. Any price action that stays above yesterday's high @ 5244.75 will keep the edge to the buyers. We do have overnight inventory that is 100% net long and also a true gap outside of prior day's range. There is a decent probability of a fade lower to balance out the inventory and first target is 5244.75. If there is a pick up in tempo and momentum then next target is the POC @ 5230 and then you see the lower targets as well in the profile pic below.
Today will all be about the gap and whether it holds or not. So far the bulls look to be in their usual euphoric state. All time highs are not that far away so hey why not?!?! We are back to basically having zero fear in the markets as the VIX is firmly back below 13!
SBUX is looking great and I will add more if/when it clears $77. If you have any just trail your stops higher as you see fit.
VPOC Update: No new VPOC's added or taken out yesterday. We still have 2 above and 19 below.
Wishing all the mom's out there a very Happy Mother's Day this Sunday!!!!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5255 - 5260
Key Levels: 5244.75 Prior day high
downside target is: 5225 - 5220
/NQ upside target is: 18.290 - 18,315
Key Level: 18,240 Prior high
downside target is : 18,180 - 18,160
/RTY upside target is: 2095- 2105
downside target is: 2070 - 2060
Economic Data: VERY LIGHT TODAY!
Consumer Sentiment @ 10:00 AM EST
Baker Highers Rig Count @ 1:00 PM EST
More Color.......
/ES - Key demand at $5140-55 with Supply above at $5248-60
1. Sellers trapped above $5190 looking to play long targeting $5230
2. A break down below $5140 I will look to play short targeting $5110
SPY - Key Demand $515-516 with Supply at $520 -521
1. If there is a sell off but fails to break below $515 I will look to play long
targeting $517 then $518.55
2. A breakdown below $514 I will look to play short targeting $513 then $512
SPX Key Demand at $5225 -10 with Supply above $5165-75
1. As long as price can hold and remain above $5140 I will look to play long targeting $5180 then $5200
2. If buyers fails to reclaim back above $5140 after as sell off I will look short
/NQ Key Demand at $18072 - 18100 with Supply above at $18270- 18240
1. Sellers trapped above $18100 looking to play long targeting $18155
2. A breakdown below $18100 I will look to play short $18055
QQQ Key demand at $437-438 with Supply above at $442-441
1. A breakdown below $441 and failure to reclaim back above $442 I will look to play short targeting $439
2. Sellers trapped above $441 off a break and retest looking to play long
targeting new HOD
AAPL Key Demand $180-181 with Supply above at $185
1. Sellers trapped above $180 after sell off looking to play long off a break
and retest targeting $183 then $184
2. I would only look short if price can break and hold below $179
AMZN Key Demand at $184-186 with Supply above at $192-190
1. The Only thing I am watching is for a sell off above $185 looking to play
long
As ALWAYS, have your stops in place!!!
Have a great trading day and an excellent weekend!
| 
