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Good Friday morning,
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The bulls keep stepping in to support this market, and we have another bounce this morning heading into today's trade, but as the sign above reads, "Volatility Ahead"!
The Jackson Hole Symposium is happening out West in Wyoming, and Fed Chair Powell will be giving his speech at 10:00 a.m. EST, so brace for impact! Futures are higher across the board and the bears must be disappointed once again. There has been some profit taking recently, however, there hasn't been any panic, or follow-through selling, and traders and investors have been consistently buying the dip. Today’s action is unpredictable as the market braces for Powell’s remarks…, so expect larger ranges and big swings today! That being said, we have some key levels to watch to help you navigate the day.
📊 In the profile pic and key levels, below, futures are in the upper third of prior day's range and price is above the POC at 6,388. If price stays above the POC then look for a move above prior day's high at 6,412, then look for upper targets at 6,445 - 6,455. If price moves back below the POC , then look for prior low at 6,370, then lower targets at 6,350 - 6,340.
Futures are currently trading at 6,400 at the time of this writing.
🧭 VPOC Update: Another new VPOC was added above yesterday at 6,413.75, so we now have two above and four below the current price.
Current VPOCs: (BOLD is above current price)
- 6,432.75
- 6,413.75
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,445 - 6,455
Key Levels: 6,388 POC
downside target is: 6,.350 - 6,340
/NQ upside target is: 23,450 - 23,500
Key Level: 23,233 1/2 Back (same as yesterday)
downside target is : 23,050 - 23,000
/RTY upside target is: 2,325 - 2,335
downside target is: 2,255 - 2,245
Economic Data : RED STAR EVENT!
Fed Chair Powell Speaks at Jackson Hole @ 10:00 a.m EST
Baker Hughes Rig Count @ 1:00 p.m EST
More Color By : Rich Rickus
1. /ES - Key Demand $6350 Supply above at $6485
Bullish : Sellers trapped above $6350 looking to play a break and retest above $6355 long targeting $6415 then $6430
Bearish Buyers trapped below $6350 looking to play short after a break and retest below $6340 targeting $6315 then a break down into $6300
2. SPY Key demand at $634-635 with Supply above at $640
Bullish Sellers trapped above $640 looking to play a break and retest from $641 long targeting $643 then a breakout into high $645
Bearish Buyers trapped below $635 after a break and retest below $634targeting $632 then a breakdown into $631
3./NQ Key demand at $23300 with Supply above at $23700
Bullish Sellers trapped above $23700 looking to play a break and retest above $23724 long targeting $23850 then a breakout back into low $24100
Bearish Buyers trapped below $23300 looking to play short from below $2375 targeting $23100
4. QQQ Key Demand at $560/561 with Supply at $569-570
Bullish Sellers trapped above $570 looking to play a break and retest from $571 targeting $573 then a breakout into high $575
Bearish Buyers trapped below $568 looking to play a break and retest below targeting $565 then $564
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PLTR - Key Demand at $154 with Supply above at $165-164
Bullish - Buyers trapped above $159 looking to play LONG after a break and retest from $160 targeting $161 then a breakout into high $163
Bearish - Buyers trapped below $154 after a break and retest from $153 looking to play short targeting $151 then $149
Have a great day and a fantastic weekend!
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