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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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Three consecutive POC’s in a row all within one tick of each other. Price is fair at the 2840.00. Carry that level forward.
Overnight inventory is 100% net long, and we are currently trading out of balance. Gap rules apply. In my estimation, a gap and how prices act subsequently on the open is one of the most powerful pieces of information you can have. When considering the gap rules today, note that there are only a couple of ticks between current price and yesterday’s RTH high. So the small gap will probably fill immediately and then the game will be to see how far into yesterday’s RTH range we retrace. The usual signposts apply. VAH first, then settlement, then volume POC, then VAL, etc. Thinking in these terms helps to take out a lot of the emotion that price alone carries with it. As an advertising mechanism, price is powerful and can make you do stupid things.
The all time high is in play at 2855.25. As there was such small excess on this level, I expect it to be taken out eventually.
Have a nice day,
peter
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