Today’s ES and NQ Market Profile and Pivot Point Numbers
| Value Area High | 3993.50 | 12122.00 |
| Point of Control | 3982.00 | 12088.00 |
| Value Area Low | 3977.00 | 12060.00 |
| R3 | 4036.00 | 12301.75 |
| R2 | 4019.75 | 12237.25 |
| R1 | 3997.50 | 12154.75 |
| Pivot | 3981.25 | 12090.25 |
| S1 | 3959.00 | 12007.75 |
| S2 | 3942.75 | 11943.25 |
| S3 | 3920.50 | 11860.75 |
Today’s Market Profile Chart
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Pre market indications
| Opening In/Out Balance | in balalnce |
|---|---|
| Overnight Inventory | balanced |
| Current Price/Overnight Range | middle third |
| Shock and Awe | no |
| Potential for Early Trade | no |
| Short Term Bias | neutral, market looking for more information |
Key Levels for Today
| 4034.25 | Poor High 2.23 |
|---|---|
| 4003.75 | RTH High (Weak) |
| 3971.50 | Top of Spike |
| 3965.00 | RTH Low |
| 3956.00 | ONL |
| 3947.50 | Swing Low |
Ongoing Narrative / Commentary
Market stayed on brand yesterday with an early grind higher that was negated and then some by afternoon selling. This selling closed on the LOD leaving a spike in its wake. Spike rules are in play and as such we are currently slated to open within the spike which is bearish as it confirms the lower prices of the spike. Get familiar with spike rules if you are not already.
In yesterday’s commentary and video, I spoke of the market developing a balance area over the last 4-5 sessions. Yesterday’s action remained within this range. Traders should always keep in mind that balance leads to excess and thus a larger move is coming at some point when prices move out of this range. I discuss this again in the video below.
As Bone Thugs n Harmony have taught us, the first of the month is important. I would not be surprised to see a bit more volatilaty come in as the calendar flips today. Let’s see if we can get out of this balance area and what that might bring.
VPOC’s
- none
Scenarios
- Spike rules are in play. Current premarket indication is to open within the spike which is bearish as it confirms the spike. I will use the Top of the Spike as my initial bullish/bearish line and will bias short today if this level is not breached.
- Any acceptance above the Top of the Spike is more bullish and should target the POC.
- Taking out the ONL puts the recent swing low into play. Monitor for continuation and make sure that internals confirm.
Iceberg Tick
A game changer if you use the TICK as a market internal. Paints time spent above zero in green and time below in red. Traders who know how to use the TICK know that this is what really matters in terms of sustaining intraday direction, not how high or low the extremes are.
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