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Good Friday morning!
Some key levels we talked about yesterday held very well in both the S&P @ 5770 and ES Futures @ 5815. Both were tested but buyers defended throughout the day so this tells us that the current trend is intact. PPI was just released and some major earnings reports also hit the tape this morning and futures are holding up so far. JPM, WFC and BLK are all trading higher pre market after their results so this is another tell that buyers are still present!
In the key levels and profile pic below, it will be another test for the bulls and bears today and this battle will give us insight into the move we can expect for the trading session. 5829 in the ES is the first key level because this is both the POC and 1/2 back from yesterday. Any movement above 5829 then look for 5832 and then upper targets @ 5845-5855.
IF price goes below 5829, then the next critical level is 5815 which is close to the overnight low and yesterday's low, as well as the top of the spike from Wednesday! Any loss of these levels could bring a sharp sell off. I am not saying this is going to happen with 100% certainty but I have to give you both scenarios. As I have been saying the bulls are still in control and trend is still sideways to higher but we must always keep both possibilities in front of us! Overnight inventory is mixed and we are right in the middle of the prior day's range. At the time of this writing futures are trading @ 5826!!!
VPOC Update: No new VPOC's were added yesterday as 5788.50 was the most recent one added and should not be in play today UNLESS the key levels and lower targets get taken out. So we still have 24 untested Points of Control below with still none above.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5845 - 5855
Key Levels: 5829 POC& 1/2 back then 5815
downside target is: 5800 - 5790
/NQ upside target is: 20,530 - 20,570
Key Level: 20,405 POC & 1/2 back
downside target is : 20,340 - 20.320
/RTY upside target is: 2220 - 2225
downside target is: 2192 - 2187
Economic Data: RED STAR EVENT TODAY!
PPI-Final Demand @ 8:30 AM ET
Austan Goolsbee Speaks @ 9:45 AM ET
Consumer Sentiment @ 10:00 AM ET
Lorie Logan Speak @ 10:45 AM ET
Baker Hughes Rig Count @ 1:00 PM ET
Michelle Bowman Speaks @ 1:10 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand $57800-10 with Supply above at $5846 HOD
Bearish
Buyers trapped below $5800 after a pullback below $5795 looking to play SHORT targeting $5770 then $5752
Bullish
Sellers trapped above $5800 after a break and retest above $5805-10 playing LONG targeting $5820 then new HOD
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SPY - Demand at $573-574 w / Supply at $577-576
Bullish
Sellers trapped above $573 after a break and retest above $574 looking to play LONG targeting $576 then high $577s
Bearish
Buyers trapped below $573 after a retest from $572 where Demand would flip back to Supply targeting $571 then $569
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/NQ - Key Demand at $20190-20230 with Supply above at $20530-500
Bullish
Sellers trapped above $20190 looking to play long targeting $20270 then $20400
Bearish
Buyers trapped below $20180 and holding , looking to play short from $19750 targeting $2100 then $20020
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QQQ - Key Demand at $486-485 with Supply above at $494 HOD - $495
Bullish
Sellers trapped above $485 looking to play long from a break and retest at $486 targeting $487 then $488.
Bearish
Buyers trapped below $485 after a break and retest below $484 looking to play short targeting $482 then high $480s
Also watching …
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AMD - Key Demand that was previously Supply at $162 with Supply at $167
Bullish
Sellers trapped above $162 after a break and retest from $163 targeting $165.20 then $167
Bearish
Buyers trappers below $161 after a break and retest from $160 targeting $159 then $158
Have a great day and a wonderful weekend!
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