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Value Areas and POC figures for /ESU7 and /NQU7 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.
The market got its higher value yesterday which the bulls needed to confirm the prior session’s breakout of a small balance area. Of course there was no range extension but that’s the way things go nowadays.
Coming into today’s session, overnight inventory is 100% net long. Recall that yesterday’s was almost 100% and we got no correction at all. Always carry forward things like that, very important. The odds of a liquidation break happening today are stronger than yesterday as these dynamics stack up. So….(how do I make money with this!!!!????). Simple, you carry that forward and then when you see an opening (bearish setup) you take it with a little conviction that you’ve got the inventory situation on your side. Then you hold for a more specific target than just 1 or 2 points because you know that theory should send prices down to “X”, that being POC, VAL, whatever you have figured it out to be. As always when figuring that out, think in stages. A market cannot get to VAH until it finds acceptance below the RTH high, can’t get to POC until it trades below VAH, etc, etc.
I’ve marked off the all time high which was made on 8/8/17. That level is at 2488.50. I am not saying that it’s in play today, I’m just noting that we are now about 20 handles away and it’s in play. Remember that the whole world sees the same thing. For you gamers out there (and I’m not one of you), think of it as the greatest MMO of all time.
Gap rules apply today. S&P futures are currently up 6.75 and trading well outside of yesterday’s RTH range. The ONH is currently at 2478.00 and is the upside reference.
Wake up, wake up, wake up….
peter
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