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Good Friday morning!
After a very choppy start and some more economic data yesterday morning, buyers came in again @ 12 noon EST and took the markets to new highs, even eclipsing the huge advance on Wednesday! Upper targets were hit so once things broke out, we had a pretty good idea where price might go. Now remember, we don't know if bulls or bears will win the day, but once key levels are either taken out to the upside, or lost to the downside, it is a good idea to at least get on that side of the trade and momentum coming from market participants.
Which brings me to the important levels and key ranges for today. As you can see in the targets and key levels and profile pic below, we are at a "standoff point" where price is at the prior day high @ 5607 (at the time of this writing) and either buyers will support that price and take it higher, or sellers will explore back into range and look for the Point of Control @ 5600.25. Whenever price gets above the POC and then back down to it, we like to call it "runners tagging up", meaning if that retest or touch holds, then bias is back to the long side, especially if it breaks back over 5607.
IF 5600.25 is lost and then overnight low is lost, bias would shift to the downside and at that point, watch for tempo and momentum picking up where it would be best to then look for lower targets. If there is no stronger tempo and/or momentum to the downside, it could be more of a balance day after the large moves we have recently seen. Just pay attention to the key levels listed.
Not too much on the economic calendar today of note so it will all be about how confident traders and investors feel about remaining long into the weekend. As long as there is no deep selling and a weak, much lower close, then the bias should remain higher for the time being heading into next week!
VPOC Update: No new VPOC's again yesterday so we still having 2 above and again 21 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5630 - 5635
Key Levels: 5607 Prior High then 5600.25 POC & 5596 Overnight low
downside target is: 5560 - 5550
/NQ upside target is: 19,650 - 19,690
Key Level: 19,447 POC & 19,411 Overnight Low
downside target is : 19,350 - 19,310
/RTY upside target is: 2145 - 2155
downside target is: 2110 - 2100
Economic Data:
Import & Export Prices @ 8:30 AM EST
Consumer Sentiment @ 10:00 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
More Color....... By Analyst Rich Rickus
/ES - Demand at $5540-5555 then at $5450-5452 with Supply at $5630-20
Bearish
Buyers trapped below $5535 and holding below after a pullback looking to play SHORT targeting $5522 then $5500
Bullish
Sellers trapped above $5540 after a break and retest from $5542-45 playing long targeting $5580
SPY - Demand at $552-554 w / Supply at $545-546 then below at $549
Bullish
Sellers trapped above $552 after a break and retest from $554 looking to play LONG targeting $556 then $558
Bearish
Buyers trapped below $551 after a retest targeting $549 then $547s
/NQ - Key Demand at $19180 then at $19340 with Supply at $19510
Bullish
Sellers trapped above $19180 looking to play long targeting $19244 then 19300
Bearish
Buyers trapped below $$19170 and holding , looking to play short targeting $19041
QQQ - Key Demand at $466 with Supply above at $474
Bullish
Sellers trapped above $466 looking to play long from a break and retest at $466 targeting $458 then $460
Bearish
Buyers trapped below $465 after a break and retest below $464 looking to play short targeting $462
Have a great day and an awesome weekend!
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