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Good Friday morning!
We finally have seen the sellers step in aggressively and the markets hit new 3 week lows yesterday on the back of some large cap tech earnings. Now while this is not a huge move yet (relative to the trend for the past two years almost straight up), it is definitely a start!
The S&P cash lost the key 21 Day Moving Average below 5786 and the NDX lost 20,170. These are both important data points to watch moving forward. AAPL is lower this morning and AMZN is much higher after earnings and we just had the Non Farm Payroll numbers released and futures have been volatile at the present.
Please pay attention to the profile pic and key target levels below. Futures are higher this morning and with that large spike above us, any move back over 5775 could bring in more short covering. Any price action that gets back below 5761.25 is further edge to the bears. Stay alert because we also have some more key economic data coming @ 10:00 AM EST with ISM Manufacturing Index. Futures are trading @ 5767 at the time of this writing.
VPOC Update: A new VPOC's was added above yesterday @ 5878.75 and 5788.50 was finally taken out after the drop! So we now have 1 above and 25 VPOC's below current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5780 - 55790
Key Levels: 5775 - 5772
downside target is: 5710 - 5700
/NQ upside target is: 20,215 - 20,245
Key Level: 20,130 VAH and Bottom of spike
downside target is : 19,835 - 19,800
/RTY upside target is: 2225 - 2230
downside target is: 2190 - 2180
Economic Data:
Employment Situation @ 8:30 AM ET
PMI Manufacturing Final @ 9:45 AM ET
Lorie Logan Speaks @ 9:45 AM ET
ISM Manufacturing Index @ 10:00 AM ET
Construction Spending @ 10:00 AM ET
Baker Hughes Rig Count @ 1:00 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand then above at $5720-30 with Supply above at $5840 then $5927
Bearish
Buyers trapped below $5840 after a pullback below $5835 looking to play SHORT targeting $58010 then at $5790
Bullish
Sellers trapped above $5840 after a break and retest above $5855-50 playing LONG targeting $5880 then $5900
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SPY - Demand at $565-566 with Supply at $572
Bullish
Sellers trapped above $572 after a break and retest above $573 looking to play LONG targeting $574 then $576
Bearish
Buyers trapped below $572 after a retest from $571 targeting $570 then $568
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/NQ - Key Demand at $20050 with at Supply $20250
Bullish
Sellers trapped above $20050 looking to play long after a pullback holds above $20100 targeting $20250
Bearish
Buyers trapped below $20050 and holding below $20025-40 looking to play short targeting $19945 then $19870
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QQQ - Key Demand at $484-485 with Supply above at $486
Bullish
Sellers trapped above $486 looking to play long from a break and retest at $487 targeting $488 then $490
Bearish
Buyers trapped below $485 after a break and retest below $484 looking to play short targeting $483 then low $481s
Have a great day and an excellent weekend!
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