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Good Friday morning,
The bulls managed to keep their advantage after the NVDA/INTC news yesterday, as the gap held and value built higher! For now, the trend is still up, and as long as price stays above 6,611 in the S&P, then this edge will continue. I know the market is over-extended and prices are rich, but we must respect the power of the buyers until we see certain levels break lower. The game plan is laid out below.
📊 In the profile pic and key levels below, futures are higher across the board, however we are opening within the prior day's range. As long as price can stay above the POC at 6,697, then the buyers remain in control. If all-time highs can be taken out over 6,719.75, then we will look for upper targets. Only if sellers take price below 6,691.50, will we then look for further liquidation to lower targets.
N.B. Today is Triple Witching, so this usually causes volatility to increase as traders and investors around the world have to close and/or adjust their stocks, options, and futures positions as the current contract expires, so stay frosty.
Futures are currently trading at 6,703 at the time of this writing.
🧭 VPOC Update: Yes, another new VPOC added below at 6,661.25, so we are now back to 9 below the current price with none above.
Current VPOCs: 9 BELOW!
- 6,661.25
- 6,595.75
- 6,571.75
- 6,509.25
- 6,506.25
- 6,450.50
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,730 - 6,740
Key Levels: 6,719.75 All Time High
downside target is: 6,670 - 6,655
/NQ upside target is: 24,900 - 24,925
Key Level: 24,755 POC
downside target is : 24,625 - 24,575
/RTY upside target is: 2,510 - 2,520
downside target is: 2,470 - 2,460
Economic Data : TRIPLE WITCHING
Baker Hughes Rig Count @ 1:00 p.m EST
More Color By : Rich Rickus
1. /ES - Key Demand $6640-50 Supply above at $6720
Bullish : Sellers trapped above $6640 looking to play a break and retest above $6650 long targeting $6675 then $6705
Bearish Buyers trapped below $6650 looking to play short after a break and retest below $6640 targeting $6625 then a break down into $6592
2. SPY Key demand at $657-656 with Supply above at $665
Bullish Sellers trapped above $656 looking to play a break and retest from $657 long targeting $660 then a breakout into high $661
Bearish Buyers trapped below $656 after a break and retest below $655 targeting $653 then a breakdown into $652
3. /NQ Key demand at $24350 with Supply above at $24816
Bullish Sellers trapped above $24300 looking to play a break and retest above $24350 long targeting $24425 then a breakout back into low $24450
Bearish Buyers trapped below $24300 looking to play short from below $24290 targeting $24150
4. QQQ Key Demand at $590 with Supply at $598
Bullish Sellers trapped above $590 looking to play a break and retest from $591 targeting $593 then a breakout into high $595
Bearish Buyers trapped below $590 looking to play a break and retest below $589 targeting $587 then $585
Have a great day and fun weekend!
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