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Good Friday morning,
And there it is, a huge liquidation break that we have been warning about for days. That's gonna leave a mark! Now it just so happens the "excuse" for the drop is because of the Israel/Iran conflict escalation, but that is how it ALWAYS happens...there is some "reason" for the drop, even though it was going to happen anyway! I hope you are all understanding what I am saying. Whenever there is a move in the markets, there is always a "story" to back fill the reason why, and today is no different. It just is what it is folks!
Anyway, I hope you were somewhat prepared by either locking in profits, or moving stops higher on longs, or getting short exposure, because unless the buyers can get back inside of prior days range, and stay there, meaning closing well back above 6008.50, we most likely will be seeing more downside next week.
In the profile pic and key levels, you can see the large drop cause by the news, and although we are well off of overnight lows, as previously mentioned, unless the bulls can get back inside prior range, bears will have retaken the edge. First key level is 6008.50, which is prior day's low, then 5985, which is overnight half-back, then lower targets of 5960 - 5950. More panic could see 5930-5920. Now if the buyers can take price back above 6008.50, look for a move to 6030, which is yesterday's half-back, then the POC at 6042.50, then upper targets at 6040 - 6050.
Futures are currently trading at 5992 at the time of this writing.
VPOC Update: No new VPOC's were added or taken yesterday, although with this large move lower, 5970 and 5905.25 could be in play today. We have 3 above, and 23 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6040 - 6050
Key Levels: 6008.50 Prior Low then 6042.50 POC
downside target is: 5960 - 5950 then 5930-5920
/NQ upside target is: 21,850 - 21,900
Key Level: 21,818.50 Prior Low then 21,710 ON 1/2 Back
downside target is : 21,550 - 21,500
/RTY upside target is: 2130 - 2140
downside target is: 2090 - 2080
Economic Data : Red Star Event
Consumer Sentiment @ 10:00 AM ET
Baker Hughes Rig Count @ 1:00 PM ET
More Color By : Rich Rickus
Traveling today, back fully next week
Have a great day and a fantastic weekend!
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