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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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Overnight inventory net long but not 100% so. Currently trading on a true gap of about 7.25; gap rules apply.
Given yesterday’s action from midday onward and the subsequent overnight action, I would say the odds for a morning liquidation break to balance inventory a bit are pretty high. Doesn’t have to happen but can. If so, note that yesterday’s market profile is a triple distribution with two spikes in it’s middle. Look at the technical picture of where we are slated to open as well which is dead on the main downtrend line from the all time highs….
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With the market advancing a number of days in a row and the technical resistance right there, a pause may be in the cards. Failure to pause will bring in further short covering.
The ONH is at 2706.00 and is the upside reference for this morning. 2700.00 is the first downside reference as it represents yesterday’s RTH high and VAH. A move back inside of yesterday’s range could bring upon further liquidation perhaps to the volume POC at 2696.00 which was also yesterday’s settlement value.
Have a great day,
peter
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