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Good Friday morning!
The sign post says it all for today! The 3rd Friday of every month is options expiration where stock options expire, however the 3rd Friday of each quarter, March, June, September and December, brings on something called "Triple Witching' which is the simultaneous expiration of stock options, index futures and index futures options.
Equity trading volumes usually rise as traders and investors around the world have to adjust their portfolios and this causes some wild intraday swings so be careful out there today!!
Futures are mixed this morning with overnight inventory balanced (buyers and sellers are even) and and we are squarely inside of yesterday's range. This brings in more of a 50/50 coin toss type day....its fair ground for each side so lets see who brings it today!!
The profile pic below lays out the game plan. The battle zone is between 5215-5218 which is where the 1/2 back and Point of Control reside. Above 5218 look for overnight high 5231, then upper targets! Anything below 5215 look for overnight low 5210 then lower targets.
By the way, losing those key levels yesterday that were listed brought us right into the lower target and nailed them at 5200 even going to 5188!! Having a plan prior to the open each day is paramount! And you MUST consider both sides....not just long or not just short, but also balanced which means sideways!!!
VPOC update: There are still 20 untested points of control below current price indicating current trend is still higher for now.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5235 - 5240
Key Level: 5215-5218 Point Of Control and 1/2 Back
downside target is: 5195 - 5190
/NQ upside target is: 18,360 - 18,380
Key Level: 18,290-18,280 Point of Control & 1/2 Back
downside target is : 18,155 - 18,135
/RTY upside target is: 2075 - 2080
downside target is: 2040 - 2030
Economic Data:
Empire State Manufacturing @ 8:30 AM EST
Retail Sales @ 8:30 AM EST
Import Export Prices @ 8:30 AM EST
Industrial Production @ 9:15 AM EST
Consumer Sentiment @ 10:00 AM EST
More Color.......
NVDA - Hold
META - Hold
AAPL- Still Bearish! Anything back above $174.50 and the short is over for the time being.
/ES - Key Demand at $5185-5175 with Supply above at $5225-5220
- Sellers trapped at the open looking to play a break and retest above $5210
targeting $5220 first then $5230
- I would only like to play short if price can hold below $5190 targeting $5174
SPY - Key Demand with Supply above at $513-512 with Supply at $515-514
- First I would like to play a break and retest from yesterday low at $512 long
- If price can break and hold below $511 an hold I will look to play short if bears can defend yesterday lows as resistance targeting $509 first then $507
SPX - Key area of Demand at $5130-5120 with Supply above at $5170-5160
- I would only look to play short if price holds below $5119 targeting $5100
/NQ - Key area of demand at $18150-18200 with Supply at $18450-18400
- Buyers at the open trapped below $18350 I will look to play short
- Sellers at the open trapped above $18200 playing a break and retest long
QQQ - Key area of Demand at $435-434 with Supply at $443-442
- First I would like to see if buyers can break above $443 looking to play long
where $442 becomes support targeting $444
- Buyers trapped below $442 looking to play short targeting $449 then $447
- Sell off at the open with a bounce from $436 looking to play long of pullbacks
Also Watching …
TSLA - Demand flipped to Supply at $175-173 looking to play short off a failed rally
- I would only like to play long if price can break and hold above $175
META - Key Demand at $486-488 with Supply at $500-502
- Buyers at the open failure to break out above $499 and I will look to play short off
a break and retest targeting $497 then $495
As ALWAYS, have your stops in place!!!
Have a great day and an excellent weekend!
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