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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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Value was unchanged again yesterday.
The POC was unchanged from the prior day as well, indicating that the fairest price to do business has not changed.
There was excess on the top of the distribution but it was not out of range.
Overall volume yesterday was very light in the futures with only 718,001 contracts traded at the close. I wonder who traded that last single one? I am imagining some pensioner in the midwest shaking his gnarled fist at an old Dell laptop and saying “damnit, this is the top!”.
There is really little to say at this juncture other than that we should consider the last three RTH sessions as balance. The low of that range is 2537.25, and the high is 2550.75. Balance rules apply.
I would also like to remind people in closing that the most important driver of price is general market sentiment. Every time there is bad news and the market shrugs it off it is further confirmation of the bullish tone. Whether it’s the cleanest dirty shirt theory, or the ETF administrators need to keep buying stocks theory, or fill in the blank with your own theory, the end result is the same. It is also worth noting that although we haven’t had a sizable break in some time we also aren’t making large advances and we get tiny liquidation breaks all the time which are continually strengthening the market. The bottom line? We may be in for more of the same for some time.
Have a nice day,
peter
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