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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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Overnight futures have barely budged with an extremely tight range of just 2.25 points during the entire session. I would construe this as bullish since yesterday was a range expansion to the upside and futures are telling us that there is absolutely no giveback as of now.
Both the TPO and volume POC’s migrated higher to the top of range yesterday and the overnight action is concentrated around those levels. So if you are someone who believes that price is much too high right now, then you’re probably high because the market is clearly stating otherwise. Value is defined by price plus time (or volume) and for now there’s been a bit of time at these prices. I am of course cognizant of the fact that RTH and overnight sessions are completely different animals, and it’s the former that ultimately decides what is value, so I am speaking in terms of right now, at a couple hours before the bell.
Overnight inventory is slightly net short which is meaningless with this small range and the fact that we are slated to open within balance.
I write this at 7:24am EST so there is still the 8:30am EST non-farm payrolls to be released which could shake things up. To this I will leave you with two points which are that I don’t believe the current market is keying off of economic data and I’ll be on the SquawkBox for Brad at 9:15am EST so we can discuss it then in detail.
Have a great day,
peter
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