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Good Friday morning!
Bulls retain control of the markets after some important economic data and a FED meeting this week. Inflation has cooled and market participants are now hopeful for a rate cut maybe as soon as July or September as of the data supplied by the CME FED Watch Tool. https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
Futures are lower this morning and overnight inventory is mixed. We are also inside of prior days range so it will be a coin toss when the opening bell rings. Any price action that stays inside yesterday's range keeps things status quo. Look for 1/2 back and back to back POC's as the next upside targets, then prior days high. If we lose yesterdays low then look for lower targets of 5405-5400, then 5395 then 5380.
SBUX: No change. We are keeping stops and targets in place for now.
TSLA: Holding TSLA however sold some upside $197.50 Calls for today's expiration.
VPOC Update: No new VPOC's were added yesterday. We have 23 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5450 - 5460
Key Levels: 5438-5440 Back to Back POC's
downside target is: 5405 - 5400
/NQ upside target is: 19,710 - 19,750
Key Level: 19,582 19,594 1/2 Back & POC
downside target is : 19,500 - 19,475
RTY upside target is: 2048 - 2052
downside target is: 2012 - 2008
Economic Data:
Import & Export Prices @ 8:30 AM EST
Consumer Sentiment @ 10:00 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
/ES - Key Demand flipping to Supply at $5420-5407 with Supply above at
$5440
1. Buyers trapped below $5415 looking to play short targeting new LOD
2. A reclaim above $5420 and hold I will look to play long off a break and
retest targeting $5440
SPY - Demand flipping to Supply at $540-539 with Supply above at $543
1. A breakdown below $539 and retest ( pullback) below $539 I will look to
play short targeting new LOD
2. A reclaim and hold above $540 I will look to play long targeting $542
SPX Key Demand at $5420 with Supply above at $5445
1. A breakdown below $5405 and holding below $5409 after retest I will look to play short targeting $5390
2. A bounce above $5415 I will look to play long targeting $5430 then $5440
/NQ Demand at $19500 -45 with Supply not until $19620
1. Sellers trapped above $19540 looking to play long targeting $19575
2. A breakdown below $1960 and hold after a pullback I will look to play short targeting $19590
QQQ Key Demand at $473-474 with Supply at $476-478
1. Sellers trapped above $473 looking to play long off a break and retest
targeting $474 then $476
2. Buyers trapped below $476 playing short after a break and retest from
$475 , targeting $473-472
TSLA Key Demand at $181 -182 with Supply above at $191
1. Buyers trapped above $181 looking to play a break and retest long from
$182 targeting $185 then $186
2. Not interested in Shorts unless HOD fails to follow through above $192
AMD Key Demand $158-159 with Supply at $162
1. Sellers trapped above $159 after a break and retest holds above targeting
$161 then $162
2. Buyers trapped below $162 after HOD fails new , with follow through
looking to play short targeting $160 then $159
As ALWAYS, have your stops & targets in place and have a great weekend!!!
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