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Good Friday morning!
Non Farm Payroll numbers just came out and landed a strong left hook squarely against the jaw of the bulls and they are now seeing stars!!!
Payroll numbers came in much stronger than expected (272K vs 185K) and the likelihood of a FED rate cut has now been pushed much farther back and market participants don't like that scenario! Futures are tanking on the report!!
Futures have nose dived this morning and overnight inventory, which was net long, have taken those long participants and blown out their gains which have all but evaporated in about 10 minutes! And since we are already close to my lower targets (listed in the profile pic below), the next levels to watch will be the 5315 and 5290 areas in the /ES. If buyers try to defend once again, look for a move back to prior day low. If price can't get back into prior days range today then this will be bearish moving forward!
SBUX: Somewhat better price action yesterday in a very sideways and range bound tape. No change and we are keeping stops and targets in place.
VPOC Update: No new VPOC's yesterday. We have 22 VPOC's and all are below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5380 - 5390
Key Levels: 5359 Value Area Low and 1/2 Back
downside target is: 5340 - 5330
/NQ upside target is: 19,180 - 19,200
Key Level: 19,017 Prior Day Low
downside target is : 18,980 - 18,960
RTY upside target is: 2074 - 2077
downside target is: 2038 - 2034
Economic Data:
NFP Employment Report @ 8:30 AM EST
Wholesale Inventories @ 10:00 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
Consumer Credit @ 3:00 PM EST
More Color.......
/ES - Key demand at $5305-5315 then below at $5266-46 with Supply HOD at $5373-5350
1. A breakdown below $5305 and holding after a pullback I will look to play short targeting $5285
2. Sellers trapped above $5310 after a sell off looking to play long off a break and retest targeting $5340 then $5350
SPY - Key Demand $529-530 then below at $532
1. Sellers trapped above $532 looking to play long off a break and retest
target $534 then $5335
2. Buyers trapped below $528 after a break and retest looking to play short
targeting $525
SPX Key Supply flipped to demand $5340-5320 then below at $5300
1. Key level for me will be watching how buyers react at $5320. A breakdown below and retest I will look to play short targeting $5300
2. A bounce and GO above $5320 I will look to play long targeting $5330 then $5340
/NQ Consolidating Supply flipped to demand at $19020 with Supply at $19100
1. Sellers trapped above $19040 looking to play long targeting $19065
2. A breakdown below $19100 and hold after a pullback I will look to play
short targeting $19070
QQQ Key Demand at $461-462 with Supply at $464 HOD
1. Sellers trapped above $462 looking to play long off a break and retest
from $461 targeting $464 then $465 new HOD
2. Sellers trapped at $460 playing short after a bounce below and hold ,
targeting $458 then $456
AMD Supply flipped to Demand $165 with Supply above at $170-171
1. Sellers trapped above $163 looking to play long from $164 target $166 -67
2. Buyers trapped after a breakdown below $164 looking to play short off a
retest from $163 targeting $162 then $160
As ALWAYS, have your stops & targets in place and have a great weekend!!!
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