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Good Friday morning!
Another win for the bulls yesterday....wait.... didn't I just say that?!?! Well yes I did and it is warranted! They just keep buying and buying and the S&P got within 9 points of our next upside target of 5555! The high was 5546. Truly amazing! I honestly did not think they would take it up this far this fast but they did. (They being buyers of course!) And this now makes it 8 out of 9 days straight up!
Markets gapped up and held that gap outside of Wednesday's range yesterday and the sellers never had a chance. This morning, however, it feels like this explosive move is starting to cool off so watch your long positions. They are taking futures down sharply this morning but as of this writing we are still within prior days range.
/ES Futures are lower on mixed overnight inventory. There was a look above and fail of yesterday's high in the overnight session and this is a bearish start. Question now is will the buyers return to just buy the dip as usual or will this too far too fast move start to see profit taking??!
The profile pic and key levels should help once again. If price can stay above 5549.50 then buyers will remain in control and then look for prior highs and upper targets. If they lose that level, which they are at the time of this writing as we are at new overnight lows, look for 5540-5530 targets then 5526 which is yesterday's low. If that low gets taken out then we will look for the gap to fill back to Wednesday's highs of 5487.75
VPOC Update: YES you guessed it....another new VPOC added below @ 5468 so now we still have 2 above and back to 21 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5585 - 5595
Key Levels: 5449.50 1/2 Back
downside target is: 5540 - 5530
/NQ upside target is: 19,690 - 19,725
Key Level: 19,470 Value area low & 1/2 Back
downside target is : 19,450 - 19,400
/RTY upside target is: 2160 - 2170
downside target is: 2130 - 2120
Economic Data:
Housing Starts & Building Permits @ 8:30 AM EST
Consumer Sentiment @ 10:00 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
/ES - Demand $5526 then at $5544 with Supply at $5571-5583 HOD
1. Buyers trapped below $5571 and holding below after a pullback looking to play SHORT targeting $5500 then $5478
2. Sellers trapped above $5526 looking to play long targeting $5540 then $5565
SPY - Demand that was previously Supply at $545 $446 with Supply at $553
1. Buyers trapped below $553 after a break and retest from $552 looking to play short targeting $550 then $549
2. Sellers trapped above $545 looking to play long from a break and retest from $546 targeting $548 then $550
/NQ Key Demand at then at $19161 then at $19316 with Supply at $19755
1. Sellers trapped above $19161 looking to play long targeting $19300
2. Buyers are trapped below $19527 and holding , looking to play short
targeting $19450 then $19400
QQQ Supply flipped to Demand at $464- $465 with Supply at $$474
1. Sellers trapped above $465 I want to play long off a break and retest
from$466 targeting $468 then $470
1. Buyers trapped below $475 after a break and retest below $474 looking to play short targeting $472 then $471
Also watching ...
NVDA Supply flipped to demand at $120
1. Sellers trapped above $119 playing a break and retest from $120 LONG targeting $122 then $1124
2. Buyers trapped below $119 and I will look to play short targeting $117 then $115
AMD Key Supply flipped to Demand at $143 with Supply at $148
1. Sellers trapped above $142 looking to play long from a break and retest from $143 targeting $145 then $147
2. Buyers trapped below at $141 looking to play short targeting $140 then $139
Have a great day and a fun weekend!
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