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Good Friday morning,
Bulls are living in paradise and there seems to be no end in sight! New all time highs in the SPX are imminent this morning. With futures gapping up 15 points, the prior highs of 6147 in the SPX will be gone. The NDX keeps making new all time highs, day after day, and yes another new high will be hit this morning. Let's see where we close at the bell—that will be an important tell for next week!
In the profile pic and key levels below, all the levels are very evident. Overnight half-back at 6208 is a preliminary level to watch, and of course, any price action above that level is bullish. The prior high at 6200 is the first very key level, as this will show the buyers’ persistence in the markets. Only if we lose 6200 would we look for the POC at 6192; then VAL (Value Area Low) and yesterday's half-back at 6180 would come into play. That is the top of our lower target range anyway. A loss of 6170 could trigger more panic selling and a "get me out" attitude!
Futures are currently trading at 6206 at the time of this writing.
VPOC Update: A new VPOC was added below at 6146. That is three new VPOC's in almost as many trading days! Up, up and away!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6220 - 6230
Key Levels: 6200 Prior High then 6192 POC
downside target is: 6180 - 6170
/NQ upside target is: 22,830 - 22,850
Key Level: 22,694 Prior High then 22,672` POC
downside target is : 22,620 - 22,600
/RTY upside target is: 2210 - 2220
downside target is: 2145 - 2135
Economic Data :
Personal Income and Outlays @ 8:30 AM ET
Consumer Sentiment @ 10:00 AM ET
Baker Hughes Rig Count @ 1:00 PM ET
More Color By : Rich Rickus
- ES - Key Demand $6140 -6150 then below at $5960 with Supply
above at $6170-80
Bullish : Sellers trapped above $6140 looking to play a break and retest above $6150 long targeting $6172 then $6180
Bearish Buyers trapped below $6100 looking to play short after a break and retest below $5995 targeting $5958 then a break down into $5920’s
- SPY Key demand at $606 then at $603-604 with Supply above at
$610-612
Bullish Sellers trapped above $606 looking to play a break and retest from $607 long targeting $609 then a breakout into high $611 new HOD
Bearish Buyers trapped below $605 after a break and retest below $604
targeting $603 then a breakdown into $601
- /NQ Key demand at $22200 then at $21500 with Supply above at
$22380-22400
Bullish Sellers trapped above $22200 looking to play a break and retest above $22010w long targeting $22300 then a breakout back into low $22400
Bearish Buyers trapped below $21550 looking to play short from below $21500 targeting $21400 then $21200s
- QQQ Key Demand at $540 then $535-536 with Supply at $544
Bullish Sellers trapped above $539 looking to play a break and retest from $540 targeting $542 then a breakout into high $543
Bearish Buyers trapped below $539 looking to play a break and retest below $538 targeting $535 then $533
Have a great day and have a great weekend!
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