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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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Apparently the market forgot the Italy news very quickly. This would normally not bother me at all, but it does given that we broke out of a long consolidation to the downside and are now trading back in it by a few ticks. Value developed clean to the downside yesterday, internals confirmed it, etc. Took about 95% of it back between the late day rally yesterday and the overnight action.
Overnight inventory is only a little net long here I would say and the gap is opening within yesterday’s RTH range. Thus gap rules do not apply.
2700.50 which is the 5/15 low of the range is again a reference point as it was yesterday. Futures are trading just above it as of this writing. Acceptance back above this area means yesterday was one big “look below and fail” and we should be targeting the upper end of the range over the next few sessions. Where and how we trade today relative to this level is key.
Overnight halfback is right at VAH. Very nuanced, I know but worth pointing out.
Yesterday’s range is relatively large so there is a chance that we stay inside it. Think about that before you trade. Harder to sustain moves when within the prior day’s range.
Yesterday’s low was poor which is the reason the futures rallied so hard late in the day. While the breakout of the range was legitimate, there obviously weren’t any new sellers at those lower levels to sustain the break. This is frustrating to those of us who would like to see a bit more trend in the market but is reality nonetheless. Don’t fight it. The Nasdaq and Russell relative strength yesterday also played a factor.
Have a great day,
peter
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