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Good Friday morning,
CPI down Wednesday and PPI right back up yesterday. This market is enough to make anyone sea sick! I have never seen this kind of volatility that occurs on a daily basis in a very long time, if ever!!! It seems sometimes there is no rhyme or reason for some of these moves, however this is the current environment we are dealing with so just stay fluid. There are great intraday opportunities for some but if you do not have the experience to trade this type of market it will be very difficult for most!
The market drove straight down yesterday from the open but got some buyers support at prior day low on the /ES, and then from 10:30 AM EST basically until the close, buyers took markets right back up.
NASDAQ only went to 1/2 back and POC of prior day then ripped higher taking back all of the loss from Wednesday. All of that sounds bullish but now this morning, they are taking futures right back down.....the roller coaster ride continues!!!
Please pay attention to the levels listed below and as of this writing futures just made new overnight lows. Targets for both the upside and downside are given. By the way, the area for the single prints are between 5232 - 5221 so use this as a guide as well. Below that range more bearish. Inside that range choppy. Above that range turns more bullish.
VPOC Update: No new VPOC's added but one was taken out below AND above! We now have 1 above @ 5297.75 and 18 still below with closest one @ 5156.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5270 - 5280
Key Level: 5232 - 5221 Single Prints
downside target is: 5200 - 5190
/NQ upside target is: 18,570 - 18,600
Key Level: 18,395 - 18,330 Single Prints
downside target is : 18,325 - 18,300
/RTY upside target is: 2080- 2085
downside target is: 2035 - 2030
Economic Data:
Import and Export Prices @ 8:30 AM EST
Consumer Sentiment @ 10:00 AM EST
More Color.......
/ES - Key Demand at $5170 - 5190 with Supply above at $5280-5270
1. Sellers trapped above $$5180 I would like to play long targeting $5225 then $5250
2. Buyers trapped at the open below $5220 I will look to play short targeting $5195
SPY - Key Demand yesterday $511-512 with Supply at $519-517 the above at $521. I would only like to play long after strong sell off find support above $512 or above $521.
1. Buyers fail to break above $521 I will look to play short of a break and retest from $520 targeting $518.50 then $517
2. Strong sell off with a bounce above Mon- Tuesday highs finding support above at $515 looking to scalp longs into new HOD
SPX - Key Demand at $5138 (LOD 30min) - 5155 with Supply above art $5230
1. Buyers fail to break out above $5230 looking to play short targeting $5200
2. Sellers trapped after a bounce and go from $5160 looking to play long
/NQ - Key Zone at $ 1830 with Supply above at $18518- 18480
1. Break and retest above $18350 I will look to play long targeting Supply
2. A strong break under $18350 I will view this as bearish and play short
QQQ - Key Demand $442-443 with Supply above at $$446-445
1. Buyers trapped after buying with resistance at $446 looking to play short off a break and retest from $445 targeting $444 then $443
2. Sell off below $441 I will look to play short targeting $439 then $438 Demand
AMD - Key Supply at $172- 170 with Demand below at $162 - 164
1. Sellers trapped at $164 looking to play long targeting $166 then $168
2. Buyers trapped below $172 looking to play a break and retest short targeting $170 then $167.
3. A breakout above $172 and hold , I will look to play long targeting $174
MU Key Demand zone at $117 - 119 with Supply above at $128 - 130
1. Sell off at the open holding above $120 looking to play long targeting $123
2. Buyers trapped inside supply playing a break and retest below $128 target $125
As ALWAYS, have your stops in place!!!
Have an awesome day and a great weekend!
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