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Good Friday morning,
We are now in a very large area of balance after some volatile, whipsaw trading over the past three days. We had a "b", then "p", then "b" pattern again, which indicates the market is in a state of flux, trying to find direction. The bulls and bears are both scratching their heads, wondering why the move in their anticipated direction hasn't been able to last! Down Tuesday, up hard Wednesday, down again yesterday, and it’s looking like we’re heading back up today! Expect more of the same heading into today.
📊 In the profile pic and key levels, futures are higher across the board, and we are now above a few key levels, namely the POC and half-back at 6,780.50 and 6,785.50, respectively. These are the first key levels to watch today. If the price can stay above 6,785.50, then buyers will be in control, so watch for the overnight high and bottom of the spike at 6,792.00. On any move above that level, look for upper targets! If sellers take the price below 6,780.50, then the overnight low, VAL (Value Area Low), and prior day low will be in play!
Futures are currently trading at 6,786 at the time of this writing.
🧭 VPOC Update: No new VPOC's added or taken out yesterday, so we still have 10 below with none above!
Current VPOCs:
- 6,757.50
- 6,703.00
- 6,595.75
- 6,571.75
- 6,509.25
- 6,506.25
- 6,450.50
- 6,396.50
- 6,373.25
- 6,310.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,815 - 6,825
Key Levels: 6,785.50 1/2 Back then 6,780.50 POC
downside target is: 6,765 - 6,755
/NQ upside target is: 25,450 - 25,470
Key Level: 25,300 Bottom of Spike
downside target is: 25,220 - 25,200
/RTY upside target is: 2,510- 2,515
downside target is: 2,480 - 2,475
Economic Data:
Austan Goolsbee @ 9:45 a.m. EST
Consumer Sentiment @ 10:00 a.m. EST
Alberto Musalem @ 1:00 p.m. EST
Baker Hughes Rig Count @ 1:00 p.m. EST
Treasury Statement @ 2:00 p.m. EST
More Color By: Rich Rickus
Have a great day and a phenomenal weekend!
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