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Value Areas and POC figures for /ESZ7 and /NQZ7 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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Market stuck in a small range with some bearish signals at the highs and some bullish signals at the lows. There are signals that seem to negate each other at the moment. Note how the market has triple topped over the last three sessions. This is an obvious reference point for everyone. Consider those two RTH sessions and one overnight session as one big poor high that needs repair but also has more than a few people stuck long in it.
Since the first inclination for prices after poor highs or lows is to move away from them, we’ve been getting some liquidation breaks intraday but they never go very far and in fact create poor lows in the process and yesterday’s 45 degree line which indicates that people are overly short at poor location. I tweeted last night at the close that the potential was there for the market to move higher overnight on the 45 degree line pattern. For now what “should have happened, didn’t” and we’re actually gapping down 6.50 as of this writing.
2455.25 – last night’s ONL is the downside reference.
2467.25 – the highest point of the 9/6-9/7 consolidation is the upside reference.
Acceptance beyond either of these areas will probably decide today’s direction and going forward short term.
Overnight inventory is close to 100% net short coming into today’s open.
Pay attention to where value starts to develop early.
Have a great day
peter
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