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Good Friday morning!
The bounce is back and the group will try once more today. As previously noted, the first bounce was short lived and sellers ruled the session keeping prices lower. Today, however, is a mulligan. A do-over. After selling off to new three week lows, the oversold market is seeing buyers and short covering coming in again this morning.
In the key levels and targets below, futures are well above the POC and overnight lows, also above 1/2 back and VAH! Any price action over 5563 is more bullish so look for upper targets and potentially higher to 5630. If sellers try to take it down again, then once (and if) 5563 breaks, next stop would be 5558 then 5540. IF 5540 gets taken out, then look for lower targets. Again, you must stay fluid and be able to switch gears if necessary! Futures are trading at 5583 at the time of this writing.
VPOC Update: Yes, a new VPOC added above yesterday at 5605 so we now have 8 above and 25 below. 5605 could be in play today!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5585 - 5595
Key Levels: 5563 VAH then 5558 then 5540
downside target is: 5500 - 5490
/NQ upside target is: 19,555 - 19,585
Key Level: 19,480 VAH
downside target is : 19,050 - 19,000
/RTY upside target is: 2025 - 2030
downside target is: 1980 - 1970
Economic Data: Green Star Event
Consumer Sentiment @ 10:00 AM ET
Baker Hughes Rig Count @ 1:00 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Key Demand $5509 with Supply above at $5680-5670
Bullish : Sellers trapped above $5530 looking to play a break and retest from $5535 long targeting $5600 then $5615
Bearish Buyers trapped below $5530 looking to play short after a break and retest from $5515 targeting $5495 then a break down into $5580s
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SPY Key demand at then at $556 then Supply above that at $560 then at $567-568
Bullish Sellers trapped above $560 looking to play a break and retest from $561 long targeting $563 then a breakout into $564
Bearish Buyers trapped below $560 after a break and retest below $559 targeting $558 then a breakdown into $556
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/NQ Key demand at $19139-45 then at $19400 with Supply above at $19850
Bullish Sellers trapped above $19850 looking to play a break and retest from $19875 long targeting $20000 then a breakout into $20100
Bearish Buyers trapped below $19400 looking to play short from $19350 targeting a breakdown $19200s into then new LOD at $19138
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QQQ Key Demand at $473-472 with Supply above $480-481
Bullish Sellers trapped above $480 looking to play a break and retest from $481 targeting $483 then a breakout into low $484
Bearish Buyers trapped below $76 looking to play a break and retest short from $477 targeting $475 then $474s
Also watching
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NVDA - Key Demand at $112 with Supply above at $117-120
Bullish - Sellers trapped above $112 after a break and retest from $113 looking to play LONG targeting $115 then a breakout into $116s
Bearish - Buyers trapped below $112 after a break and retest from $111 looking to play short targeting $109 then breakdown into $108
Have a great day and an excellent weekend!!
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