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Good Friday morning!
Markets hit all time highs again and the DOW cracked 40,000 and the SPX broke 5325 on an intraday basis. The bulls were partying hard I'll tell you. When markets hit all time highs, no one is in a big hurry to sell although people will start to lighten up a bit and take some chips off the table. That we saw yesterday as there was finally some liquidation late in the day (i.e. profit taking) which started around 3:15 PM EST.
Overnight inventory is mixed and futures are relatively flat to slightly higher at the time of this writing. Not much on the economic calendar today as market participants are looking forward to the weekend after a wild record breaking week!
As you can see in the profile pic below, the key battleground for today will be between the POC and VPOC from yesterday....5335 to 5314.50. Anything that stays within this area will be a draw or balance between buyers and sellers. Now if we break in either direction and have new initiating buying, or selling, then look for the appropriate targets listed!
SBUX: The stock did drop yesterday initially because the company paid a .57 cent dividend so this is normal. SBUX (or any stock for that matter) will usually drop by the amount of the dividend (or something close to it) but the good news is that they bought it back up and SBUX closed at the highs of the day by the closing bell. I will still buy more over $77.
We bought more AMD @ $162.45. First target $174 and second target $184.
VPOC Update: Another new VPOC yesterday was added below @ 5314.50! That could be in play today. We now have 22 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5340 - 5345
Key Levels: 5314.50 Overnight low & VPOC
downside target is: 5300 - 5290
/NQ upside target is: 18.760 - 18,785
Key Level: 18,615 Overnight low and base of single prints
downside target is : 18,590 - 18,560
/RTY upside target is: 2115- 2125
downside target is: 2090 - 2080
Economic Data: Very Light Today
Leading Indicators @ 10:00 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
/ES - Key demand at $5266 , $5240 and $5200 with Supply above at $5350
1. Watching dips to be bought up from key demand, playing long. Ideally , if price remains above $5240 I want to be long, a break and retest below I will look to play short targeting previous demand below
2. A break down and hold below $5200 leaves room to $5156
SPY - Key Demand $523 then below that at $520 with Supply HOD at $531
1. Sell off at the open where buyers are trapped above $523 looking to play
long targeting $530. If price breaks under $522 and holds under $523 after
a pullback I will look to play short targeting $521
2. Sell off below $520 failing to reclaim support above i will also look short
targeting $518.20 then $516
SPX Key Demand at $5260 then below at $5220 with Supply at $5235.50
1. Sell offs and dips at key demand looking to play long targeting 7/ 10:1 r:r
until price breaks below $5200 is when I will look to play short
2. A breakdown below $5200 and retest I will look to play short targeting
$5180 then $5167
/NQ Key Demand at $18374 then below at $18072 with Supply HOD at
$18760-40
1. Sellers trapped above $18374 looking to play long off a break and retest
from $18400 targeting $18436
2. A breakdown below $18370 I will look to play short targeting $18345 -35
QQQ Key demand at $442 then at $437-438 with Supply above at $454
1. Sellers trapped above $442 after a break and retest looking to play long
targeting $444. A breakdown down below and failure to reclaim support
above $444 I will then look short targeting $441
2. A breakdown below $440 leaves room to $437 demand
TSLA Key Demand at $167 with Supply above at $176-175
1. A break and retest above $176 I will look to play long targeting $180
2. A sell off below $174 & failure to reclaim support above $176 I’ll look short
AMD Key Demand at $154-155 then at $160 with Supply above at $170-172
1. Sellers trapped above $160 after a break and retest I will look long
As ALWAYS, have your stops in place!!!
Have a great trading day and awesome weekend!
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