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Good Friday morning!!
Well here we go again! Yesterday the markets closed quite bearish and I thought the short term top was in, but obviously the buyers have other plans seeing the move right back up this morning! Now please remember, when I say short term top, I was expecting there to be some kind of pullback to correct the non stop up move higher...not a new bear market or a 5 - 10% pullback, but just a few days where some froth is taken off the top. Well this is still not the time for that to happen. For now the rally continues and unless the S&P takes out 6030 to the downside and the NDX takes out 21,530 to the downside, then there is no hope for the bears yet.
In the target levels and profile pic below, you can see the red box where the market closed all the way at the lows of the session, but in the overnight action, the buyers have taken the entire down move back to the upside. If price stays above 6076 in the ES futures then the edge remains fully with the bulls and look for upper targets. If 6076 is taken out to the downside, and then 6072, at that point we may start looking for lower targets. Futures are trading @ 6082 at the time of this writing.
VPOC Update: A new VPOC was added yesterday above @ 6096 and also the new one @ 6063.25 was taken out below so we now have 1 above and 29 below current price. This was a more bearish set of events but has been completely erased after this morning's move higher.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6085 - 6095
Key Levels: 6076 POC then 6072 1/2 Back
downside target is: 6030 - 6020
/NQ upside target is: 21,820 - 21,850
Key Level: 21,794 VPOC from Wednesday
downside target is : 21,525 - 21,500
/RTY upside target is: 2385 - 2395
downside target is: 2355 - 2345
Economic Data:
Import and Export Prices @ 8:30 AM ET
Baker Hughes Rig Count @ 1:00 PM ET
More Color....... By Analyst Rich Rickus
SAME RANGE AS THURSDAY
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/ES - KEY DEMAND $6040-50 Supply at with Supply at $60105- 60110
Bearish
Buyers trapped below $6050 after a pullback below $6040-45 looking to play SHORT targeting $6030 then $6015
Bullish
Sellers trapped above 6050 after a break and retest above $6055 playing LONG targeting $6080 then new HOD
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SPY - Supply flipped to Demand at Supply $606 with new supply $609
Bullish
Sellers trapped above $606 after a break and retest above $607 looking to play LONG targeting high $608 then low $609
Bearish
Buyers trapped below $606 after a retest from $605 targeting $603then breakdown into $602
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/NQ - Key Demand at $21660-700 with Supply at $21800
Bullish
Sellers trapped above $21660-700 looking to play long after a pullback holds above $21700 targeting $21800
Bearish
Buyers trapped below $21660-700 looking to play long after a pullback holds below $21650 targeting $21550 then $21500
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QQQ - Key Demand at $527-528 with Supply above at $530
Bullish
Sellers trapped above $527 looking to play long from a break and retest at $528 targeting high $529 then a breakout into $530
Bearish
Buyers trapped below $526 after a break and retest below $525 looking to play short targeting $523 then mid high $521
Also watching
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TSLA Supply flipped to Demand at $397 then at $388-390 with Supply at $409
Bearish
Buyers trapped below $397 after a break and retest from $396 looking to play SHORT TARGETING $ $394 then $392
Bullish
Sellers trapped above $397 after a break and retest from $398 looking to play long targeting $401 then $404
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AMD Key Demand flipped to Supply at LOD $131 -132 with key Demand below at $126-127
Bullish
Sellers trapped above $137 after a break and retest from $138 looking to play long targeting $139 then $141s
Bearish
Buyers trapped below $136 after a break and retest from $135 looking to play SHORT TARGETING $133 then $132
Have a great day and a fun weekend!
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