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Good Friday morning!
Another strong hold by the bulls yesterday and yes a second gap higher in as many days, so the "Call remains the same!" Wait, wasn't that a Led Zeppelin song?! (Some of you will get it and some won't) Anyway, the point is that the buyers in the market right now continue to show incredible strength and commitment putting capital to work.
It really is quite impressive given the move that the markets had already shown from the lows back in October 2022! The S&P is up almost 69% from those lows and I was only counting up until last week. Tack on this weeks move so far and the Index is up 71%! And for a nice cherry on top, the S&P has hit 49 new all time highs just this year alone in 2024!
As I mentioned yesterday, it will be difficult to say exactly where this move will top out, but we did hit our upper targets in the ES @ 5995 and the NQ futures blew past 21,100 with very little struggle! I hate to sound redundant but for now, the trend remains aggressively higher but expect some sideways action to digest the recent big moves up!
And one more time I must repeat myself......
"The ONLY thing that will change this in the near term is breaking back down into the gap, now below Thursday's low of 5947 in the S&P and below 5976 in the ES futures. That's it!!"
Futures are flat to mixed this morning just like yesterday so we could be in for another balance day. As always, however, please look at the key levels and targets below. Any price that stays between 6010 and 5995 is balance. Strong tempo and momentum above 6010 then look for upper targets. Any price below 5995 look for Value Area Low @ 5988 then lower targets. Futures are trading @ 5999 at the time of this writing.
**Quick Public Service Announcement:
THE PROFILE PIC IS BACK!!!! ISSUES RESOLVED!!
VPOC Update: Yes you guessed it....another new VPOC was added yesterday @ 5957.25 so we now have 29 below current price! Another new record.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6035 - 6040
Key Levels: 5995 POC & 1/2 Back
downside target is: 5970 - 5960
/NQ upside target is: 21,425 - 21,450
Key Level: 21,170 POC then 20,128 - 20,122 VAL and overnight low
downside target is : 21,095 - 21,075
/RTY upside target is: 2430 - 2440
downside target is: 2365 - 2360
Economic Data:
Consumer Sentiment @ 11:00 AM ET
Michelle Bowman Speaks @ 12:00 PM ET
Baker Hughes Rig Count @ 2:00 PM ET
Alberto Musalem Speaks @ 3:30 PM ET
More Color....... By Analyst Rich Rickus
Back on the charts Monday.
Have a fantastic day and a wonderful weekend!
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