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Good Friday morning!!
New all time highs yesterday as 4 out of the last 5 days reached record setting numbers.....will we do it again today?!? The way the market acted yesterday, and even in the overnight session, I would have said we now have a "potential" short term top in the markets, however, we just had some market changing economic data released @ 8:30 AM EST and things changed very quickly!!! Let's see what happens today!
The government job report (Non Farm Payrolls) was just released and the futures ripped higher. 227,000 jobs were added vs 200,000 so traders and investors took that as a positive sign! The market was looking tired and toppy, but as I just mentioned, the data this morning has had buyers step right back in with their operations! It is more of a coin toss now vs I would have been leaning more to the short side if it weren't for the recent move after the economic data!
As you can see in the target levels and profile pic below, futures are back above the POC and 1/2 back so the sellers have been run over as price moved back to the upside after this report came out. Any price action that stays above 6096 then buyers remain committed and look for upper targets. If price breaks down below 6093.25 then 6088, look for lower targets! Futures are trading @ 6097.50 at the time of this writing.
VPOC Update: No new VPOC's added yesterday so we still have 30 below current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6100 - 6105
Key Levels: 6096 then POC @ 6093.25
downside target is: 6070 - 6060
/NQ upside target is: 21,560 - 21,590
Key Level: 21,517 POC
downside target is : 21,400 - 21,375
/RTY upside target is: 2420 - 2425
downside target is: 2380 - 2370
Economic Data:
Employment Situation @ 8:30 AM ET
Michelle Bowman Speaks @ 9:15 AM ET
Consumer Sentiment @ 10:00 AM ET
Austan Goolsbee Speaks @ 10:30 AM ET
Treasury Buyback Announcement (Preliminary) 11:00 AM ET
Beth Hammack Speaks @ 12:00 PM ET
Baker Hughes Rig Count @ 1:00 PM ET
Mary Daly Speaks @ 1:00 PM ET
Consumer Credit @ 3:00 PM ET
More Color....... By Analyst Rich Rickus
Same Range as Yesterday
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/ES - Demand previous $6060-70 Supply at with Supply at $6090
As long as price remains above $6060 I want to be playing LONG
Bearish
Buyers trapped below $6060 after a pullback below $6050 looking to play SHORT targeting $6030 then $6015
Bullish
Sellers trapped above $6070 after a break and retest above $6075 playing LONG targeting $6085 then new HOD
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SPY - Supply flipped to Demand at $603-604 with Supply $606-607
Bullish
Sellers trapped above $603.55 after a break and retest above $604 looking to play LONG targeting high $605 then low $606
Bearish
Buyers trapped below $603 after a retest from $602 targeting $600 then $598
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/NQ - Key Demand at $21385-80 then below at $21305 that at with Supply at $21500
Bullish
Sellers trapped above $21300 looking to play long after a pullback holds above $21305 targeting $21400 then $21440
Bearish
Buyers trapped below $21305 and holding below $21300 looking to play short targeting $21140
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QQQ - Key Demand at $516-517 that was previous Supply then Supply above at $522 HOD
Bullish
Sellers trapped above $516 looking to play long from a break and retest at $517 targeting high $518 then a breakout into $519
Bearish
Buyers trapped below $516 after a break and retest below $515 looking to play short targeting $513 then mid high $512
Also Watching
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NVDA Supply flipped to Demand at $140-141 with Supply at $146 HOD
Bearish
Buyers trapped below $140 after a break and retest from $139 looking to play SHORT TARGETING $ $137then new $136
Bullish
Sellers trapped above $140 after a break and retest from $141 looking to play long targeting $143 then $144
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AMD Key Supply flipped to Demand at $140 -141 with Supply above at $144
Bullish
Sellers trapped above $140 after a break and retest from $141 looking to play long targeting $143 then $144
Bearish
Buyers trapped below $140 after a break and retest from $139 looking to play SHORT TARGETING $ $137then new $136
Have a great day and fantastic weekend!
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