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Good Friday morning!
The markets continue to trade in a range bound manner and while it can be frustrating for some as it is happening, there is light at the end of the tunnel. When price consolidates and compresses for a few days, as we are now going on day #4, the beautiful thing is that once it breaks out of this range, the long or short trade will literally jump out at you and be blatantly obvious.
As you can see in the profile pic below, the rectangle shows you where the balance is and there is a high probability of breaking out of this range today because we have a very important economic data point coming out today @ 8:30 AM EST...the Jobs Report! Consensus is for 132,000 new jobs added so when the actual number comes out, traders and investors will make moves.....either buy the good news or sell the bad.
As always, keep an eye on the key levels and profile pic below as these will greatly help your directional bias today!! Mark them off on your charts. Stay safe and have a great day.
VPOC Update: No new VPOC's were added or taken out yesterday. So we still have 23 untested Points of Control below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5785 - 5795
Key Levels: 5772 then 5748 1/2 back then 5745 POC
downside target is: 5725 - 5720
/NQ upside target is: 20,120 - 20,150
Key Level: 20,060 bottom of spike then 20,020 Value Area High
downside target is : 19,925 - 19,900
/RTY upside target is: 2210 - 2220
downside target is: 2185 - 2175
Economic Data:
Employment Situation @ 8:30 AM ET
John Williams Speaks @ 9:00 AM ET
Baker Hughes Rig Count @ 1:00 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand $5724 -35 with Supply above at $5785-70
Bearish
Buyers trapped below $5775 after a pullback below $5770 looking to play SHORT targeting $5750 then $5740
Bullish
Sellers trapped above $5780 after a break and retest above $5785 playing LONG targeting $5805 then $5820
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SPY - Demand at $566-565 w / Supply at $575 574 and then at $571
Bullish
Sellers trapped above $571 after a break and retest above looking to play LONG targeting $573 then $574
Bearish
Buyers trapped below $570 after a retest from $569 targeting $567 then $566
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/NQ - Key Demand at $19850- 19870 with Supply $20100
Bullish
Sellers trapped above $20100 looking to play long targeting $20155 then $20200
Bearish
Buyers trapped below $19870 and holding , looking to play short from $19850 targeting NEW LOD
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QQQ - Key Supply at $485- 484 with Demand below at $480-479
Bullish
Sellers trapped above $479 looking to play long from a break and retest at $480 targeting $481 then $483. Or Supply flips demand intraday and holds above $485 I will look LONG
Bearish
Buyers trapped below $480 after a break and retest below $479 looking to play short targeting $478 then $477
Also watching …
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NVDA Supply flipped to Demand at $121-122 with Supply above at $125
Bullish
Sellers trapped above $121 playing a break and retest from $122 looking to target $124 then $125
Bearish
Buyers trapped below $121 after a break and retest from $120 looking to play short targeting $119 then $117
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AMD Key Demand at $162 - 163 with Supply at $168 HOD
Bullish
Sellers trapped above $162 after a break and retest from $163 looking to target $165 then $166
Bearish
Buyers trapped below $161 after a break and retest from $160 targeting $158 then a break down into $157 follows by $156
Have a great day and an awesome weekend!
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