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Good Friday morning!
DOW & S&P hit new all time highs again yesterday as the buyers got very excited about the 50 bps cut from the FED Wednesday afternoon. This euphoria is not waning yet as overnight futures are inside of prior days range so bulls still retain control of the market at this time. Please note however that things could change at the opening bell as today is Triple Witching so expect some heightened volatility.
"Triple witching" refers to the simultaneous expiration of stock options, index options, and index futures contracts. It occurs four times a year—on the third Fridays of March, June, September, and December—and can be known to trigger sharp price movements as traders close out or extend existing positions.
We generally don't trade very much because of the shear volatility and chop on Triple Witching days however there is a very evident line in the sand as you can see in the profile pic below. At the time of this writing futures are trading @ 5766 and are currently below the POC and the overnight high @ 5778. Any price action that stays below this level could see some selling intensify and we would look for lower targets. If price gets back above 5778 look for prior days high and upper targets but be prepared for a lot of false starts and stops today and nothing is guaranteed on Triple Witching days!!!
VPOC Update: A new VPOC was added yesterday in the ES as the upper VPOC was taken out @ 5770 as the markets hit new all time highs. The new one added below was 5700. We now have ZERO above and 23 below current prices
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5800-5810
Key Levels: 5778 POC & Overnight high
downside target is: 5745 - 5735
/NQ upside target is: 20,230 - 20,255
Key Level: 20,075 - 20,085 1/2 Back and Overnight High
downside target is : 19,920 - 19,880
/RTY upside target is: 2300 - 2310
downside target is: 2265 - 2255
Economic Data: Very Light Day
Baker Hughes Rig Count. @ 1:00 PM ET
Patrick Harker Speaks @ 2:00 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand at $5720-5730 then at $5680 with Supply at $5800
Bearish
Buyers trapped below $5720 and holding below after a pullback below $5715-18 looking to play SHORT targeting $5685 then $5688
Bullish
Sellers trapped above $5725 after a break and retest from $5730 playing LONG targeting $5750 then95
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SPY - Demand at $566-568 w / Supply at $571-572
Bullish
Sellers trapped above $566 after a break and retest from $567 looking to play LONG targeting $568 then $569
Bearish
Buyers trapped below $566 after a retest below $565 targeting $564 then $562
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/NQ - Key Demand at $19840 -19905 with Supply at $20150-20205
Bullish
Sellers trapped above $19840 looking to play long targeting $19905 then 20050
Bearish
Buyers trapped below $19830n and holding , looking to play short targeting $19750
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QQQ - Key Demand at $476-477 with Supply above at $486-487
Bullish
Sellers trapped above $476 looking to play long from a break and retest at $477 targeting $479 then $480
Bearish
Buyers trapped below $476 after a break and retest below $475 looking to play short targeting $474 then $473
ALSO WATCHING
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NVDA Key Demand at $114-116 with Supply at $118-119
Bearish
Buyers trapped below $114 after a break and retest from $113 playing short targeting $111 then $109.55
Bullish
Sellers trapped above $114 looking to play long after GAP fills playing LONG above $116 targeting $117 then $118
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AMD Key Demand at $154-155 with Supply above at $159-158
Bullish
Buyers trapped above $155 playing Long from $156 targeting $158 then HOD
Bearish
Sellers trapped below $154 after a break and retest for $153 targeting $152 then $151
Have a great day and a wonderful weekend!
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