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Good Friday morning!
As the great David Lee Roth once said...the extraordinary front man of the LEGENDARY group Van Halen......."This must be just like living in paradise!"
I hope the picture above brings some calm and peace to you this morning so think about a future vacation on the beach in the not too distant future! We all work hard so make sure you rest and play hard too! Also, I know most people are excited for the big game this Sunday so if you are watching, have a blast and GO BIRDS!!!! lol Sorry but I'm a Philly guy!
Anyway, back to business. Let's finish out the week strong and have a great relaxing weekend. The good news is that the set up today is basically laying itself out for us in a very nice and visual way. The bulls have been incredibly resilient lately and even with the Deep Seek gap down two Monday's ago and the huge tariff gap down this past Monday, the bull have shown again and again that nothing much bothers them. The economy is still strong, the unemployment rate is still historically low and the labor market keeps chugging along. We also have a new administration that is VERY PRO BUSINESS, and tack on the whole AI phenomenon and you can see why money continues to pour into the markets!
In the key targets and profile pic below, we are currently testing prior day's range high. If price can stay above 6108.50 then buyers are strong and set your sights on the upper targets.
IF the sellers take it back down below 6108.50, then look for the POC @ 6100, then look for 1/2 back and VAL (Value Area Low) @ 6089.50. This will be a very important level for today! If selling continues then look for overnight lows to be taken out and then look for lower targets. Anything in between 6108.50 and 6100 could be a choppy sideways day. Futures are trading @ 6109 at the time of this writing.
VPOC Update: No new VPOC's yesterday so now still have 6148.50 and 6171 above and 29 with 5950 being the closest to current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6120 - 6130
Key Levels: 6108.50 Prior high and ON high
downside target is: 6080-6070
/NQ upside target is: 22,000 - 22,125
Key Level: 21,797 POC & ON low
downside target is : 21,780 - 21,750
/RTY upside target is: 2340 - 2350
downside target is: 2305 - 2300
Economic Data: Light Day .....
Employment Situation @ 8:30 AM ET
Michelle Bowman Speaks @ 9:25 AM ET
Consumer Sentiment @ 10:00 AM ET
Wholesale Inventories (Preliminary) @ 10:00 AM ET
Adriana Kugler Speaks @ 12:00 PM ET
Baker Hughes Rig Count @ 1:00 PM ET
Consumer Credit @ 3:00 PM ET
More Color....... By Analyst Rich Rickus
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ES Demand at $6060-6070 with Supply above at $6110
Bearish
Buyers trapped below $6060 after a pullback below $6050 looking to play SHORT targeting $6040 then $6025
Bullish
Sellers trapped above $6110 after a break and retest above $6115 playing LONG targeting $6140 then $6155
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SPY - Demand at $603-604 with Supply above at $610-609
Bullish
Sellers trapped above $ 603 after a break and retest above $604 targeting $605 then $606
Bearish
Buyers trapped below $602 after a retest from $601 targeting $599 then breakdown into $598
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/NQ - Key Demand at $21700 with Supply above at $21960
Bullish
Sellers trapped above $21700 looking to play long after a pullback holds above $21720 targeting $21800 then a breakout into $21900 target last Friday HOD
Bearish
Buyers trapped below $21650 looking to play SHORT after a pullback holds below $21600 looking to play short targeting $21450 then a breakdown into $21300
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QQQ - Supply flipped to Demand at $523-524 with new Supply above at $532
Bullish
Sellers trapped above $523 looking to play long from a break and retest at $524 targeting high $526 then a breakout into $527
Bearish
Buyers trapped below $522 after a break and retest below $521 looking to play short targeting $519 then mid high $518
Also watching
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TSLA Demand at $355-360 then at $367-370 with Supply above at $380-378
Bearish
Buyers trapped below $359 after a break and retest from $358 looking to play SHORT TARGETING $ $355 then $350
Bullish
Sellers trapped above $370 after a break and retest above $372 looking to play long targeting $375 then $378
Have a great day and a fantastic weekend! Enjoy the Big Game!
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