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Good Friday morning,
Quick Public Service Announcement: Monday is Memorial Day and the markets are closed for the holiday. Please enjoy the long three-day weekend as we honor and remember our fallen military service men and women! We will be right back at it Tuesday, the 27th!
Now, heading into today. It was a flat-out street brawl yesterday and the markets finished flat in the DOW and S&P, and slightly positive in the NASDAQ and NDX. All in all, the bears won the day. I say that because "Value" built lower, and we added yet another new VPOC for the second day in a row. The selloff late yesterday also convinced me that we could be seeing more downside ahead. As we speak, futures are down over 510 in the DOW and S&P futures are lower by 82. I think our call two days ago to protect your gains and guard cash was the correct call! Unless certain levels get taken out to the upside today, then sellers will have the continued advantage and rallies will be sold as I mentioned yesterday.
In the profile pic and key levels below, you can see futures are now well below yesterday's low of 5842.75. The key levels to start the day are the overnight low, currently at 5756.50 and overnight halfback at 5814. If price stays below 5814 then the edge will remain with the bears. Only a move above that will we be able to look for a gap fill to prior day's low at 5842.75. By the way, that is in our upper target range of 5830-5840. Any move above that could see the POC being tested at 5857.25.
Now, if sellers keep price below 5814, and then we retest the overnight lows, then look for lower targets! Also, as promised, I have included a link with the MEC extended pivots. This spreadsheet will give you important data from each day's trade, like the Floor Trader pivots, and the Value Area High, Low and POC! Please click on the link below "MEC PIVOTS," to download the excel spreadsheet so you can use this everyday, as they will give you further upside/downside levels to watch! Any questions or comments regarding the spreadsheet, please email me at brad@marketedgecapital.com.
Futures are currently trading at 5775 at the time of this writing.
VPOC Update: Yes, another new VPOC was added above at 5948. We now have 7 above and 19 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5830 - 5840
Key Levels: 5842.75 Prior Low then 5857.25 POC
downside target is: 5730 - 5720
/NQ upside target is: 21,050 - 21,100
Key Level: 20,975
downside target is : 20,575 - 20,525
/RTY upside target is: 2040 - 2050
downside target is: 2000 - 1990
Economic Data:
New Home Sales @ 10:00 AM EST
Baker Hughes Rig Count @ 1:00 PM EST
Jerome Powell speaks @ 2:40 PM EST
More Color By : Rich Rickus
Back at it Tuesday!
Have a great day and a relaxing Holiday weekend!
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