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Good Friday morning!
Markets exhibited some choppy, sideways action yesterday (as expected) ahead of the Non Farm Payroll numbers which are being released this morning @ 8:30 AM EST! It will be extremely volatile when these numbers are reported so it might be best to wait a bit and see how things settle out. The key levels and targets in the profile pic should help your navigation today.
You can see in the profile pic that futures are down at the time of this writing (green line in pic) and we are currently below yesterday's low, however, if price can get back in prior day's range, above 5490, then the next upside target would be the POC (Point of Control) @ 5505 then 5524 (1/2 Back). If 5524 gets taken out then look for upper targets 5545-5555!
If price stays below 5490 then the bears might lean harder and hit the downside targets again as they've already hit them in the overnight session! If 5470 is lost then the next downside targets would be 5452 then 5415 and 5400.
As mentioned, futures are lower on overnight inventory that is net short with a potential true gap lower. That is if price stays below 5490 at the opening bell. Normally we would be looking for a fade higher but again anything can happen at 8:30 AM EST when the Jobs Report is released so buckle up! Today will be interesting but it's impossible to say which way the futures will go at the 8:30 AM EST data so stay fluid!!
VPOC Update: No new VPOC yesterday we still have 2 above and 21 untested points of control below current prices. The closest one below is 5468 and was hit in the overnight session but needs to be hit during regular trading hours to be officially taken out.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5545 - 5555
Key Levels: 5490 Yesterday's low
downside target is: 5475 - 5465
/NQ upside target is: 19,140 - 19,160
Key Level: 18,840 Double bottom lows Wednesday & Thursday
downside target is : 18,800 - 18,750
/RTY upside target is: 2155 - 2165
downside target is: 2120 - 2110
Economic Data: Light BUT Key Data Today!
Government Employment Report - NFP @ 8:30 AM EST!
(Non Farm Payrolls)
Baker Hughes Rig Count @ 1:00 PM EST
More Color....... By Analyst Rich Rickus
/ES - Demand $ $5450- then 5480 with Supply at $5535-30
Bearish
1. Buyers trapped below $5535 and holding below after a pullback below $5530 looking to play SHORT targeting $5515 then $5505. A breakdown below leaves room to $5480
Bullish
2. Sellers trapped above $5535 after after it reclaim support, playing long after a pullback above $5540 looking to play long targeting $5558 then $5570
SPY - Demand $548-547 then below at $543 w / Supply at $551-552
Bullish
1. Sellers trapped above $548 looking to play LONG after a break and retest from $549 targeting $551 then $552
Bearish
2. Buyers trapped below $547 after a retest from $546 targeting $545 then new $543s
/NQ Key Demand at $18825-20 with Supply $19155 then $19245
Bullish
1. Sellers trapped above $19085 looking to play long targeting $19150then $19200
Bearish
2. Buyers trapped below $19155 and holding , looking to play short targeting $19075 then $18995
QQQ Key Demand at $454-455 with Supply at $466-465
Bullish
1. Sellers trapped above $465 after a break and retest above $466 I want to play long targeting $467 then $468s
Bearish
2. Buyers trapped below $464 after a break and retest below $463 looking to play short targeting $461 then $460
NVDA - Key Demand at $104-106 with Supply above at $112-110
Bullish
1. Sellers trapped above $104 after a break and retest from $106 playing Long targeting $109 then $111
Bearish
2. Buyers trapped below $112 after a break and retest from $111 playing short targeting $109 then $108
AMD Key Demand at $137-136 then at $140 with Supply at $144 -143
Bullish
1. Buyers trapped above $137 after a break and retest from $138 looking to play long targeting $140 then $141
Bearish
2. Buyers trapped below $143 looking to play Short after a break and retest targeting $141
AMZN Key Demand flipped to Supply at $175-176 with Supply at $179 HOD
Bullish
1. Sellers trapped above $175 after a break and retest from $176 I want to to target $177 then $178
Bearish
2. Buyers trapped below $175 after a break and retest from $174 targeting $173s then $172
Have a great day and a fantastic weekend!
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