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Good Friday morning!
That's gonna leave a mark!
The bears continued to show just how strong they really are, as there was selling once again right from the open, but then the real pressure came in at 1:45 PM EST and they basically didn't stop selling until the bell rang to close the day! As we have been saying since last Friday the scales have tipped in favor of the bears and we have now seen a drop of right around 5%! Overnight action tells the story that the bulls are severely wounded, and very little lift has occurred. Price is also below some very key levels so this is continued confirmation that people continue to head for the exits!
In the profile pic and key levels below, you can see we are trading below the VAL (Value Area Low), and the top of the spike and yesterday's 1/2 back. Any price that stays below 5920 is continued edge to the bears. Now if buyers do step in, the look for a move over 5920, then you can see the next several sequenced target areas to look to be hit! If the price breaks prior low again (as it did in the overnight session) then look for lower targets! Futures are trading @ 5888 at the time of this writing.
VPOC Update: 5882 was taken out below yesterday and another new VPOC was added above @ 6013.75. We now have 4 above and 29 below so they are starting to stack up above us. That is yet another bearish sign.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5940 - 5950
Key Levels: 5920 Value Area Low & Prior Low 5873
downside target is: 5850 - 5840
/NQ upside target is: 20,950 - 20,980
Key Level: 20,688 Overnight high
downside target is : 20,390 - 20,250
/RTY upside target is: 2165 - 2175
downside target is: 2130 - 2120
Economic Data: VERY BUSY DAY
2-Yr Note Settlement
5-Yr Note Settlement
7-Yr Note Settlement
20-Yr Bond Settlement
30-Yr TIPS Settlement
International Trade in Goods (Advance) @ 8:30 AM ET
Personal Income and Outlays @ 8:30 AM ET
Retail Inventories (Advance) @ 8:30 AM ET
Wholesale Inventories (Advance) @ 8:30 AM ET
Chicago PMI @ 9:45 AM ET
Baker Hughes Rig Count @ 1:00 PM ET
Farm Prices @ 3:00 PM ET
Austan Goolsbee Speaks @ 10:15 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Key Demand flipped to Supply at $5930 with Supply above at $6010-6020
Bullish : Sellers trapped above $5930 looking to play a break and retest from $5935 long targeting $5960 then $5975
Bearish Buyers trapped below $5930 looking to play short from $5920 targeting $5910 then a break down into $5800s
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SPY Key demand at $589-590 with Supply above at $600-598
Bullish Sellers trapped above $589 looking to play a break and retest from $590 long targeting $592 then a breakout into $594
Bearish Buyers trapped below $589 after a break and retest from $588 targeting $586 then a breakdown into $585
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/NQ Key demand at $20515 with Supply above at $20700
Bullish Sellers trapped above $20700 looking to play a break and retest from $20710 long targeting $20780 then a breakout into $20800s
Bearish Buyers trapped below $20700 looking to play short targeting a breakdown into $20600 then $20500s targeting pre market low ($20515)
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QQQ Key Demand at $498 with Supply above at $5214-512
Bullish Sellers trapped above $508 looking to play a break and retest from $509 targeting $511 then a breakout into $512
Bearish Buyers trapped below $508 looking to play a break and retest short from $507 targeting $505 then $503
Have a great day and an awesome weekend!!
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