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Value Areas and POC figures for /ESM8 and /NQM8 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.
www,windotrader.com/shadowtrader – click to enlarge
I’ve noted a couple of important points on the market profile graphic above. The first is that those sessions that were a balance area resolved to the upside on Thursday which was a surprise. Today futures are gapping down a bit on news that China fired their own salvos in the new “trade war”. Lovely. Most data providers are not reading Thursday’s settlement correctly because the futures are showing down 9.25 at 2633.75, but the Thursday 4 to 4:15 bar closed at 2636.75 which to me would put the futures down 3 if my kindergarten math is right.
So the position you have to take coming into today is will there be follow through on Thursday’s upside breakout of balance or not? For now, overnight low in the S&P futures is right down at VAL and the entire overnight range is very symmetrical and not overly long or short. This means that overnight futures are actually balancing and holding for now. If the ONL is taken out and we start to find acceptance below there, then upside bets are probably off.
Value on Thursday was clean and breakaway to the upside. It needs to be at least equal today to continue any momentum that was started on Thursday.
As I said in the video, I believe that the longer term bias is still down however as Dalton so eloquently puts it, sometimes a market has to rally before it can break.
I’m on the SquawkBox for Brad the next three days. He’ll be back on Thursday.
Have a great day,
peter
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