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Good Friday morning,
Apple and the NFP (Non Farm Payrolls) have buyers very active today. Apple reported a decent quarter last night and announced a dividend increase of 4% PLUS the largest stock repurchase program in stock market history.....$110 Billion!
Futures are higher across the board on the back of this news and overnight inventory is basically 100% net long. Along with the AAPL report, the addition of 175,000 jobs plus average hourly earnings were up higher than analyst's forecasts, have traders and investors excited out of their minds!! We are opening right at a VPOC @ 5145.75 so use that as your line in the sand for now. The big key today will be if the gap holds or not. We now have shorts trapped with these enormous gaps below so there could be further upside, or the very least balance up here.
By the way, yesterday we went down towards lower targets but then buyers came back in and shorts got run over....again. As we noted yesterday morning....
"Any price action that can get above Value Area High, Overnight High and 1/2 Back, around the 5085 area, then there should be a push up towards the upper targets as shorts will get squeezed."
VPOC Update: We took out the lower VPOC yesterday @ 5038. We still have 3 above and now 16 below, however, with this huge gap higher today, the odds of going lower and hitting 5060 is only about 4%.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5135 - 5140
Key Level: 5100 Yesterday's high
downside target is: 5065 - 5055
/NQ upside target is: 17,825 - 17,850
Key Level: 17,687 Yesterday's High
downside target is : 17,500 - 17,475
/RTY upside target is: 2040- 2045
downside target is: 2010 - 2000
Economic Data:
Non Farm Payrolls @ 8:30 AM EST
PMI Composite Final @ 9:45 AM EST
ISM Services @ 10:00 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
/ES - Key demand at $5035- 5050 with Supply above at $5155-5140
1. Sellers trapped above $5090 looking to play a break and retest long from
Pre market highs or a sell off at the open above $5040 I will look long
targeting $5120 then $5155
2. Buyers trapped at Supply below $5150 looking to play a break and retest
short first targeting $5100 then $5080
SPY - Key Supply flipping to Demand above $505 looking to play long targeting $508.20 then $509.40. A break down below $504 I will look to play short.
1. Supply above at $510 HOD Monday - buyers trapped after an early w/ no
follow through holding below $509 I will look to play short targeting $506
SPX - Key Supply flipped to Demand at $5050-5060 with Supply above at $5130
1. I would only like to play short if price can break and hold below $5050
2. A break and rest from $5050-5055 I will look long targeting $5095
/NQ Key Demand at $17610-17630 with Supply above at $17810 with previous supply above that not until $17895 -17952
1. A breakout above $17810 and hold after a pullback I will look long target
$17850 then $17877
2. I would only like to play short if price can break and hold below $17600
QQQ Key demand at $427 - 428 with Supply above at $433-434
1. Sellers trapped after as sell off above $427 I would like to play long
targeting $429 then$430
2. A sell off below $427 I would like to play a break and retest short targeting $425 then $424
AMD Key Demand at $141- 142 then at $144 with Supply above at $148-150
1. Sellers trapped after a sell off above premarket lows and yesterday HOD
looking long from $145 off a gap and go targeting $147 , $148 then $150
TSLA Key Demand at $174-175 with Supply above at $197-195
1. Sellers trapped above $174 after AM sell off looking to play long off a
break and retest above $174 targeting $177,180 then $182
2. A break down below $173 I will look to play short targeting $170
As ALWAYS, have your stops in place!!!
Have a great trading day and a fantastic weekemd!
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