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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.
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Futures trading slightly down this morning on relatively balanced overnight inventory. We’ve had five consecutive settlements withing a few ticks of each other. All of this has created a balance area. The ONH went right to this balance area high and has since backed off. Thus the upside reference is clearly the ONH at 2454.25.
This morning’s action is basically yesterday’s action flipped upside down. Overnight activity has moved outside of the prior day’s RTH range and is now back inside of it. Futures are currently trading right at the level of the five consecutive settlements.
Yesterday’s structure was poor with the day being split into two distributions. There were single prints on the open indicative of short covering and the high was poor. To date I have yet to see that any longer term activity is present in the market. The low confidence mambo continues in both directions. Responsive trade could be in play today as yesterday’s range was extended. Watch the spike in the middle of the session between
2438.00 and 2436.25 which could see some action.
As long as the balance high which I’ve drawn in on the market profile graphic above stays unbroken, the trend remains down with a second lower high in place on the daily SPX chart.
Have a nice day
peter
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