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Good Friday morning!
We hope you all had a great 4th of July holiday.
Bulls are still firmly in control as the market held that key level of 5510 earlier in the week on Monday, and by Thursday, the markets rallied to new all time highs again! We just had some economic data released with the Employment Report and it said 206K Jobs were added vs 200K and futures rallied on the news....at least for now.
Futures are currently outside of Wednesday's range so 5595.75 will be a key reference level today. Any price action that stays above that level tells us buyers are still firmly in control. The next key downside level would be overnight low and Thursday's low (and even though the markets were closed yesterday, the futures still traded in a shortened session.) That level is 5585. Next below that would be Wednesday's 1/2 back @ 5580 and then lower target for the day is 5565-5560.
Upside target level is 5610-5620 and then if that gets taken out 5635. Not much left on the Economic Calendar for today so lets see how they (buyers vs sellers) close out the week.. Next week kicks off a new round of earnings season so things will get interesting.
SNOW: Holding for now.
VPOC Update: 24 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5610 - 5620
Key Level: 5580 1/2 Back
downside target is: 5565 - 5560
/NQ upside target is: 20,550 - 20,570
Key Level: 20,325 1/2 Back from Wednesday
downside target is : 20,325 - 20,300
RTY upside target is: 2070 - 2074
downside target is: 2039 - 2036
Economic Data:
Government Employment Report @ 8:30 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
More Color.......
Have a great day and a wonderful weekend!
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