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Good Friday morning,
After a market holiday yesterday, which was quite bearish in the shortened trading session which still occurred (as you can see in the pic below), futures have recovered (for now) as prices has pushed back into Wednesday's range. There was some news that spiked futures higher this morning as Iranian officials said "Iran is ready to discuss limitations on its uranium enrichment," and that comment sent prices to new overnight highs.
In the profile pic and key levels, prices are back inside the two-day balance from Tuesday and Wednesday, and as long as price can stay above 6026.25, then we could be seeing a re-test of the POC at 6057, then upper targets at 6065-6075. If sellers take price below 6026.25, then look for lower targets at 6005-5995. Anything that stays in between 6057-6026.25 will be "balance" as traders and investors look forward to the weekend break. One other important thing for today is we could see very choppy trading as it is options expiration, and triple witching, which elevates volatility as market participants adjust their closing and opening contracts, bringing in additional trading to the mix!
Futures are currently trading at 6048 at the time of this writing.
VPOC Update: No new VPOC's added Wednesday so we have 4 above and 21 below. 6091 is the closest above.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6065 - 6075
Key Levels: 6057 POC then 6026.25 Prior Low
downside target is: 6005 - 5995
/NQ upside target is: 22,070 - 22,100
Key Level: 22,057 POC
downside target is : 21,800 - 21,770
/RTY upside target is: 2145 - 2155
downside target is: 2110 - 2105
Economic Data : Green Star Events
Philadelphia Fed Manufacturing Index @ 8:30 AM ET
Leading Indicators @ 10:00 AM ET
Baker Hughes Rig Count @ 1:00 PM ET
Fed Balance Sheet @ 4:30 PM ET
Sunday, June 22: Mary Daly Speaks @ 1:15 PM ET
More Color By : Rich Rickus
Back next week ... have a great weekend.
Have a great trading day and enjoy your weekend!
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