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Good Friday morning!
We are sticking with the same theme as this market continues to exhibit massive intraday volatility so buckle up once again. We double topped yesterday and even the overnight high took those levels out @ 5360, however, there is already a big selloff and we are now well below the overnight highs of 5372.
The profile pic and target levels will be of utmost importance today so please at the very least check them out and mark them off on your charts. Upper targets and even a VPOC was taken out yesterday so there was a nice move higher back above that key range listed...between 5239 - 5254... so THAT was a tell to get on the long side! Again I do not do this work and give you key levels just for the fun of it. They matter!
Today will be about whether or not the buyers can get back above 5360 then 5372, then we will look for upper targets. If the sellers keep it below 5360-5345 (POC), and IF they take prices lower below 5311, then look for lower targets! Any price action that stays between 5311 - 5360 is a battle zone and we could just balance in this area!!
Just remember, we are still in that huge volatility range the past 5 days I mentioned yesterday, so please make a note of those highs and lows as well. I say that because WE WILL break out of this range eventually and you want to be on the right side of the trade when it happens! Only question is when!?!
VPOC Update: A VPOC above was taken out yesterday @ 5360 so we now have 4 above and 19 below current prices. 5418.25 is the next one above and 5205 is the next closest below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5400 - 5410
Key Levels: 5311 Value area low and 1/2 Back
downside target is: 5280 - 5270
/NQ upside target is: 18,760 - 18,790
Key Level: 18,400 POC & 18,320 1/2 Back
downside target is : 18,230 - 18,200
/RTY upside target is: 2115 - 2125
downside target is: 2070 - 2060
Economic Data: Very Light Today
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
/ES - Demand $5329 then at $5304 with Supply at $5372
1. Buyers trapped below $5300 and holding below after a pullback looking to play SHORT targeting $5285 then $$5278
2. Sellers trapped above $5329 looking to play long targeting new HOD
- Sellers trapped after a bounce above $5300 holding as support I will still look long targeting $5320 then $5333 ( rising wedge former pre market )
SPY - Demand at $521 , $523 and $525 where Supply flipped to Demand with it consolidating inside Supply at $533-32 pre market
1. Buyers trapped below $534 after a break and retest from $533 looking to play short targeting $530 then $528
2. Sellers trapped above $524 looking to play long from a break and retest from $525 targeting $527 then $528
/NQ Key Supply flipped to Demand at $18430-84 with Supply $18665 and 18763
1. Sellers trapped above $18430 looking to play long targeting $18500
2. Buyers are trapped below $18400 and holding , looking to play short
targeting $18380 then $18355
QQQ Demand at $446-447 with Supply above at $455
1. As long as price holds above $446 I want to be playing long off pullbacks
2. A break down below $445 and holding below $446 after a break and retest I will look to play Short targeting $444 then $442
Also watching ...
GOOGL Key supply at $166 with Demand below at $156-157
1. Sellers trapped above $156 playing a GAP and GO from $157 after a
bounce, playing long targeting $159 then $160
2. Buyers trapped below $157 after a break and retest from $156 looking Short
SONY Gap Down into Demand at $83 with Supply above at $85.50-84.50
1. Buyers tapped below $85 looking to play short targeting $82 then $81
2. Sellers trapped after a breakout and hold above $86 looking LONG
NVDA Key demand at $102 then below that at $97 with Supply above at $09
1. Sellers trapped above $102 looking to play LONG targeting $104 then $105
2. Buyer trapped below $101 looking too SHORT where Demand flips back to Supply targeting $100 then $99
BITO (Bitcoin Options ) Key GAP that was never filled yesterday at $18.18.5
1. Sellers trapped above $17.88 after a GAP and GO looking to play LONG
from $18 targeting $19.5 then $20
Have a great day and a relaxing weekend!
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