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Good Friday morning,
And here it is my friends.
DOWN GOES FRAZIER!!! DOWN GOES FRAZIER!!!
(even if it was Foreman who knocked him down and not Ali....the pic is awesome!)
After a ridiculous rip higher Wednesday night after META and MSFT earnings, we now have a big sell off from the prior day's and overnight highs, and a huge gap down well below the prior day's low. We were warning about this Wednesday morning, and I guess it was just one day early. The market was way overbought and needed to correct a bit, so that is why we said protect profits. Now we are seeing traders and investors heading for the exits.
📊 In the profile pic and key levels below, futures are gapping down about 63 points at this time, and we are also now below the 6,336 VPOC from 7/22. This will be the first key level for today. Any price action that stays below this level gives edge to the sellers. Downside targets of 6,285 - 6,275 would be next, and this also is another VPOC at 6,283.50. Only if buyers take price back over 6,336, we would then look for a gap fill back to yesterday's low at 6,358.25, then upper targets and the POC (Point of Control) at 6,374.50.
Futures are currently trading at 6,314 at the time of this writing.
🧭 VPOC Update: No new VPOC's added or taken out yesterday, however, with this big gap lower, we are now below 6,336 which is definitely in play, and so is 6,283.50. There is now a 93% chance that we put in a new VPOC above us at 6,374.50 after today is done!
Current VPOCs:
- 6,336.00
- 6,283.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,365 - 6,375
Key Levels: 6,336 Prior VPOC
downside target is: 6,285 - 6,275
/NQ upside target is: 23,300 - 23,350
Key Level: 23,226 Prior VPOC
downside target is : 22,925 - 22,900
/RTY upside target is: 2,200 - 2,210
downside target is: 2,160 - 2,150
Economic Data : RED STAR EVENT
Non Farm Payrolls @ 8:30 a.m EST
PMI Manufacturing @ 9:45 a.m. EST
ISM Manufacturing @ 10:00 a.m. EST
Construction Spending @ 10:00 a.m. EST
Consumer Sentiment @10:00 a.m. EST
Baker Hughes Rig Count @1:00 p.m. EST
More Color By : Rich Rickus
Have a great day and a relaxing weekend!
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