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Value Areas and POC figures for /ESH8 and /NQH8 Futures are posted free every morning HERE. Click on any posts in the list on the left pane to see them in the main window. Don’t click on the ST logo as it will just refresh the page and you’ll get only the topmost post over and over. Click on the title or text.
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Back to back letter “p” distributions indicating early short covering and momentum buying as stops possibly being triggered.
Overnight inventory net long but not nearly 100% so. A new all time high has been made in the overnight session at 2719.00 A such it is the new upside reference. Expect this level to be taken out during an RTH session as odds don’t favor the auction ending on an overnight high..
There is some excess on the top of yesterday’s distribution but as of now we are trading on a true gap well above it. Gap rules apply. Speaking of gaps, we added another one to the list between yesterday and the day before. Also another VPOC as well. Both are annotated on the market profile image above.
Structure is poor, internals were very lackluster yesterday, and volume is average at best. None of that means anything if the market is caught up in momentum buying. The most important thing I can say here is don’t fight it. We are now in the fourteenth consecutive month of one timeframing as well. While it’s still early, that doesn’t need to end in January either. Continue to carry forward all structural deficiencies as they pile up. At some point they will be repaired and it will be surprising to many how quickly and violently that will happen..
Have a nice day,
peter
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