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Good Friday morning!
The large cap tech sellers finally stepped up yesterday as the NASDAQ got hit hard losing over 360 points! All the FANGMAN stocks all were liquidated in a big way, however, we saw rotation into the RUSSELL (Small caps), XLE (Energy), XLF (Financials), XLU (Utilities) and XLV (Healthcare) just to name a few.
As we pointed out yesterday.....
"So far as of this writing, the pre-market high is 5707.75 so keep an eye out for a re-test. If it doesn't get hit then there could be a short below a one minute low looking for a first target of yesterdays high @ 5690.50. Any harder break into prior days range look for that key level of 5676.50. Then lower targets are listed below."
Well the overnight high was never re-visited and the key levels lost told us sellers were coming in! Now obviously I don't have a crystal ball because I did not know they were going to sell it off that hard because lowers targets were hit and surpassed in a big way, (just like the upper targets were hit and surpassed on Wednesday), but not being on the long side was pretty helpful even if you did not get short! Sometimes you just need to keep it simple....long above certain levels or short below certain levels!
As far as today, we could have a balance day, or digestion day, so anything in between 5650-5630 is balance. Any price action above that range look for upper targets and any selling below look for lower targets!
VPOC Update: No new VPOC's yesterday and we actually took out the most recent one added (@ 5631.75) so we are now back to 25 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5670 - 5675
Key Level: 5650 Bottom of spike (single prints)
downside target is: 5625 - 5615
/NQ upside target is: 20,655 - 20,685
Key Level: 20,459 POC
downside target is : 20,345 - 20,315
RTY upside target is: 2150 - 2160
downside target is: 2135 - 2130
Economic Data:
PPI @ 8:30 AM EST
Consumer Sentiment @ 10:00 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
/ES - Demand flipped to Supply at $5660-65 / Demand below at $5625-5610
1. Sellers trapped above $5610 looking to play long off a break and retest targeting $5645 then $5655
2. A breakdown below $5600 and holding below $5610 after a pullback, falling to reclaim I will be looking to play short or if buyers are trapped below $5660 I will play short targeting $5640
SPY - Demand flipped to Supply at $558-559 with Demand at $556-555
1. Buyers trapped below $559 after break and retest at $558 looking to play Short targeting $557 then $556
2. Sellers trapped above $559 after it reclaims support looking to play long
SPX Key Demand at $5550- 55 with Supply above at $5600-95
1. A breakdown below $5600 and holding below after retest I will look to play
short targeting $5575
2. A bounce above$5600 and reclaim support I will look to play long
targeting $5615 then $5625
/NQ Key Demand at $20370 -20400 with Supply above at $2050525 then $20600
1. Sellers trapped above $20370 looking to play long targeting $20400
2. Buyers buyers are trapped below $20370 off a break and retest targeting $20358
QQQ Demand flipped to Supply at $495-94 with Demand at $490-491
1. Sellers trapped above $490 looking to play long off a break and retest
targeting $492 then $493
2. Buyers trapped below $490 after a break and retest from $489 looking to targeting new LOD
AMZN Key Demand at $192 with Supply above at $197-198
1. Sellers trapped after a sell off new LOD with no follow through looking to play long off a break and retest above new LOD
2. Buyers trapped below $198 looking to play short off a break and retest targeting $196 then $195
AMD Key Demand at $175 -176 with Supply above at $184-183
1. Sellers trapped above $175 looking to play long targeting $177
2. A breakdown below $184 and holding below I will look to play short off a break and retest from $183 targeting $181 then $180
Have a great day and a fantastic weekend!
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