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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.
Firstly, before we get into any commentary, I’m proud to announce that ShadowTrader is hosting Jim Dalton for a free webinar today at Noon EST. He’ll be discussing structural support as it relates to advances & declines. It is free to attend and I highly recommend it! There is no registration necessary, just click THIS LINK at the appointed time and you’ll enter the webinar.
www.windotrader.com/shadowtrader – CLICK TO ENLARGE
www.windotrader.com/shadowtrader – CLICK TO ENLARGE
With the elongation of the market profile recently I split yesterday’s distribution into two pictures because windotrader can’t scroll small enough to see it all on one screen.
Yesterday’s rally was of the classic short covering variety. The volume POC didn’t migrate higher with price and the largest rally happened very late in the day.
2660.50 is the ONL and is the first downside reference. While this is certainly relevant, note that the entire overnight range is within yesterday’s range so the gap down has less import and so does a breach of the ONL.
We now have two back to back very violent and large range days. There are decent odds that today will be smaller and an inside day.
Value was overlapping to lower yesterday which is interesting because the open was basically the low tick of the day. I would say that equal value again remains bearish.
Hope to see you all at Jim Dalton’s webinar today at noon. The link to enter is in the first paragraph at the top of this post. No registration is necessary.
Have a great day,
peter
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