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Market Profile Value Areas and POC figures for /ESM7 and /NQM7 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.
Large liquidation break-ish move lower yesterday which set value clearly lower. Although the market closed relatively strong yesterday and quite a ways off of the RTH low, overnight traders have taken prices lower resulting in an inventory that is 100% net short. Be well aware of that in early trade as it is usually reversed quickly.
There is some decent excess on yesterday’s low at 2340.00. The ONL is somewhat higher than that which leads me to believe that sellers are not that strong overnight. We’ve seen lately, however, that the RTH crowd sometimes doesn’t take any cues from the overnight crowd.
The market may be continuing to sell off a bit in overnight trade (and yesterday) in response to the recent back to back poor highs that we had on 3/30 and 3/31. I am continuing to carry those forward and also the 3/1 all time high which was very poor.
Overall, I feel that the market is balancing and still wants to move higher. I am taking that day by day and will drop that thesis on a dime if market conditions tell me otherwise. This is more of a bigger picture view than an assessment of what will happen today or even tomorrow. As we know, sideways is a bias and balancing is a real thing.
Speaking of longer term outlook, James Dalton is doing a free webinar with us tomorrow afternoon at 4:30pm EST. You can register for free HERE.
Have a nice day
peter
PS: Brad has the afternoon off, I’ll be helming the squawkbox from 1:30pm EST until the close.
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