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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.
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Some of the poorest structure we’ve seen in some time on Friday’s market profile. As I said in the video (reposted below) this could be innovators coming in early along with shorts covering that might just kick off something that trends for longer than a day. Poor structure should always be carried forward until it’s repaired but that doesn’t have to happen right away.
Futures are trading up 8.75 currently on a true gap above Friday’s RTH high. Gap rules apply.
Overnight inventory is 100% net long, give or take a couple percent.
What should happen? The market should fill the gap and also possibly retrace a good portion of Friday’s action being that it is structurally unsound. If there is no sign of this happening, then the shorts covering and the innovators were right and the market is going much higher. Understand that everybody thinks this market is going lower. Lots of shorts are probably somewhere within this large choppy range.
I’ll leave it at that so as to give maximum import to that last paragraph. It’s really all you need to know coming into today.
-peter
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