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Good Friday morning!
The mosh pit continues! And what I mean by that of course is the wicked intraday volatility where markets rip up and down seemingly out of nowhere....or do they?
If you paid attention to the targets and key levels we gave you yesterday, there were ample clues and reversal areas where to trade BOTH long and short! As we listed, our upside target was 6100-6110 and the high in the morning was 6109.75! Not too bad. As the upside target was hit, there was a great short trade back down below 6100 and then through prior highs @ 6091.25 and then down to the POC @ 6081.50. Those levels were hit and low was 6056.50!
Let me speak plainly. If you are going to trade and take it seriously, at least pay attention to the levels we give you each day. Now I am not saying they are perfect and they will be this good everyday, but even if they help you 2 or 3 days per week, think about the difference that could make in your trading. Whether it is Market Edge Capital or another firm, PLEASE find someone or something that helps you each day. I want massive success for you because trading is NOT easy! Ok, I'm done with that.
In the profile pic and key targets below, you can see the gap has now filled to 6122 which we have been talking about for days. From the opening bell, it will be pretty straightforward. If the buyers can keep price above 6122, then look for upper targets, which of course you can see we've already got close to hitting. And then if we do indeed hit those upper levels, look for continuation and follow through. We could be going to 6150.50 then even 6185 if the buying pressure continues!
Now if the sellers step up, and also longs start selling to lock in their gains, then look for a gap fill back to 6116.25 then POC at 6099 then 1/2 back then lower targets etc. Futures are trading @ 6127 at the time of this writing.
VPOC Update: No new VPOC's were added or taken out yesterday so we still have two above @ 6148.50 (which could be in play) and 6171 and 30 below with the closest @ 5985.75 then 5950.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6130 - 6140 then 6150.50 then 6185
Key Levels: 6116.25 Prior high
downside target is: 6080-6070
/NQ upside target is: 21,810 - 21,840
Key Level: 21,749 Prior High
downside target is : 21,520 - 21,475
/RTY upside target is: 2340 - 2350
downside target is: 2305 - 2295
Economic Data: RED STAR EVENT!
Personal Income and Outlays @ 8:30 AM EST
Employment Cost Index @ 8:30 AM EST
Chicago PMI @ 9:45 AM EST
More Color....... By Analyst Rich Rickus
Be back soon!
Have a great day and a wonderful weekend!
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