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Good Thursday morning!
Well the bulls did it again.......again!
It's very evident that the powers to be want to keep this market up at all costs. Even after the sharp sell off late in the day Tuesday, and a strong liquidation break yesterday early in the session (especially in the tech heavy NASDAQ), buyers reemerged with ferocity late in the trading day and ripped the market to new highs for the day into the close.
A few things really stood out to me watching this unfold: First, that key level of 5270 has been rock solid. Yesterday's low was 5270.75, so that is obviously important moving forward. And second, this market is being manipulated like I've never seen before. On Tuesday, when I showed you how the sellers came in late in the day and there was a spike down, well the exact opposite happened yesterday when the buyers came in late in the day and caused a spike right back up!!! What is going on here?!?!
By the way, I say that because these moves BOTH coincided at the same exact time around 3:00-3:15 PM EST!!! hhhmmmmm I have never seen this kind of action before and it really makes me wonder what games they are currently playing with everyone?!?! Look, I don't know for a fact but it does not feel normal anymore....it feels very manipulated! I'll just leave it at that.
Any who, no matter what is going on in the markets, or what games are being played, it's our job to try to get on the right side of the trade!!! Love it or hate it, this is the current environment we are all living in!
In the profile pic below, I have highlighted the sell off area from Tuesday and the one yesterday! You can see how they are both very sharp and very thin, compared to the overlapping yellow "value areas". Mirror opposites of each other! Very interesting and both occurred at the same times during their respective sessions.
As of this writing, futures are at or close to overnight highs so the entire spike up that occurred yesterday is holding.....a very bullish sign! Anything above 5294 confirms this. Overnight inventory is 100% net short however we are off the lows and might go positive (as measured by yesterday's settlement 5308.25) We may or may not gap outside of yesterday's range at the opening bell, but if futures can get above 5308.25 and "screens go green", then the entire overnight inventory is wrong and might have to scramble to cover if futures move higher at the bell. Key levels listed below.
VPOC Update: We took out 5300 above so there is only one now higher sitting at 5319.25. Yes we still have 22 untested points of control below current price.
**Please note: The markets are closed for tomorrow for Good Friday and we wish all who celebrate a very Happy Easter this weekend!!! There will be no Morning Color tomorrow and we will pick it right back up on Monday April 1st. Wishing you all the very best!!!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5325 - 5335
Key Levels: 5294-5292 Single Prints, 1/2 back and Value Area High
downside target is: 5278 - 5275
/NQ upside target is: 18,585 - 18,615
Key Level: 18,460 Value Are High & Overnight low
downside target is : 18,420 - 18,395
/RTY upside target is: 2150 - 2155
downside target is: 2130 - 2125
Economic Data:
GDP @ 8:30 AM EST
Jobless Claims @ 8:30 AM EST
Chicago Purchasing Managers Index @ 9:45 AM EST
Consumer Sentiment @ 10:00 AM EST
Pending Home Sales @ 10:00 AM EST
Natural Gas Inventories @ 10:30 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
/ES - Key area of Demand at $5260-5275 then Supply flipped to Demand $5295 - 5300
- Selling after a rally looking to play long above $5300 targeting $5310 first then new HOD. If there is a sell off at the open I would like see price break below
$5295 and hold before paying short targeting $5290 then $5285
SPY - Key Demand at $521-522 with Supply at $523-524 looking for sellers to be trapped above $522 to play long off a break and retest targeting $523 then 524
- Sell off at the open below $522 I will wait for it to hold below after a pullback looking to play short targeting $521 then $520
SPX - Key demand at $5210 - 5220 with Supply with at $5250 - 5261
- Waiting to play a break and retest from yesterday highs at $5235 looking to target is $5245 then new HOD. I would only like to play short if price can break below $5230 and hold where demand would flip back to Supply
/NQ - Key Demand at $18380 - 18400 then at $18460 with Supply at $18530-18515
- I would only like to play short if price can break below and hold $18455
QQQ - Key Demand at $442 from yesterday with Supply at $447-446
- Sellers trapped at the open looking to play long off a break and retest from $444 - $445 after we break above pre market highs and pull back holding above $444
- I would only like to scalp short if price can break and hold below $442 and hold and resistance where Demand would flip to Supply
AMD Balanced range inside key demand at $172-174 with Supply above at $185
- I would on like to play short if price can break below $172 targeting $168
AAPL Key area of demand at $165-167 with Supply above at $173 - 174 then $178
- Sellers trapped at the open above $1172 looking to play long targeting $174
- I would only like to play short if price can break and hold below $171
As ALWAYS, have your stops in place!!!
Have a great day and a wonderful Easter 3 Day Weekend!
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