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Good Friday morning!
The S&P notched another new all time high yesterday and the buyers still seem to be in la la land. Don't get me wrong, there has been a lot of positive, pro growth news out of the new administration but gap after gap after gap usually leads to some kind of liquidation break. That being said, just keep playing the game to the long side but be on the lookout for any sharp, quick rug pull.
In the profile pic and key targets below, you can see the late day spike where futures exploded higher and left what is called an "excess high" on top of its range built during the day. The all important level today will be 6140 as this is the bottom of the spike and the overnight low. If the bulls can manage to hold this level then buyers are still in control. Any break down below 6140, look for the POC then lower targets! It is really that simple for today. I'm calling it a "put up or shut up" day to see just how committed the bulls truly are! Futures are trading @ 6143 at the time of this writing.
VPOC Update: No new VPOC was added yesterday however 6136 was taken out above with the strong rally. So we now only have 2 above and still 31 below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6170 - 6180
Key Levels: 6140 Overnight low and bottom of spike
downside target is: 6130 - 6120
/NQ upside target is: 22,150 - 22,170
Key Level: 21,987 Bottom of spike
downside target is : 21,890 - 21,870
/RTY upside target is: 2340 - 2345
downside target is: 2305 - 2295
Economic Data:
3-Month Bill Settlement
6-Month Bill Settlement
52-Week Bill Settlement
Jobless Claims @ 8:30 AM ET
EIA Natural Gas Report @ 10:30 AM ET
3-Month Bill Announcement @ 11:00 AM ET
6-Month Bill Announcement @ 11:00 AM ET
2-Yr FRN Note Announcement @ 11:00 AM ET
2-Yr Note Announcement @ 11:00 AM ET
5-Yr Note Announcement @ 11:00 AM ET
7-Yr Note Announcement @ 11:00 AM ET
Kansas City Fed Manufacturing Index @11:00 AM ET
4-Week Bill Auction @ 11:30 AM ET
8-Week Bill Auction @ 11:30 AM ET
EIA Petroleum Status Report @ 12:00 PM ET
10-Yr TIPS Auction @ 1:00 PM ET
Fed Balance Sheet @ 4:30 PM ET
More Color....... By Analyst Rich Rickus
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ES - Supply flipped to demand at$6090 with new supply above at $6135
Bearish
Buyers trapped below $6090 after a pullback below $6080 looking to play SHORT targeting $6000 then $5980
Bullish
Sellers trapped above $6090 after a break and retest above $6095 playing LONG targeting $6057 then $6076
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SPY - Supply flipped to Demand at $ 598 -597 with new supply above at $601
Bullish
Sellers trapped above $597 after a break and retest above $598 targeting $599 then $602
Bearish
Buyers trapped below $597 after a retest from $596 targeting $594 then breakdown into $593
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/NQ - Key Demand at $21170-80 then above at $21300 with Supply $21800-750
Bullish
Sellers trapped above $21170 looking to play long after a pullback holds above $21330 targeting $21400 then a breakout into $21550 and $21600
Bearish
Buyers trapped below $21180 looking to play SHORT after a pullback holds below $21150 looking to play short targeting $21057 then a breakdown into $20,000
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QQQ - Supply flipped to Demand at $520-21 with new Supply above at $525
Bullish
Sellers trapped above $520 looking to play long from a break and retest at $521 targeting high $523 then a breakout into $524
Bearish
Buyers trapped below $5220 after a break and retest below $519 looking to play short targeting $515 then mid high $514
Have a great day and wonderful weekend!
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