- Small non true gap higher within range
- Overnight range small relative to RTH range; market accepting of these lower prices
- Yet another VPOC above addded to list this morning
- Trendling in SPX cash at 4240 area continues to be the ultimate target of this move
| Pre Market Indications | ||
| Opening In/Out Balance | in balance | |
| Overnight Inventory | net long | |
| Current Price/Overnight Range | upper third | |
| Shock and Awe | no | |
| Potential for Early Trade | no | |
| Short Term Bias | bearish | |
Scenarios
- Opening within range on tight overnight inventory is always harder to predict than other premarket indications. Not a session to trade early as shock and awe is non existent.
- Assuming that the uptrend line in the SPX (video) is the ultimate target for this sequence, the RTH Low should be a short. It’s also poor-ish and needs repair which strengthens potential of that move. Monitor for continuation.
- Any market in a trend can always be “currently too short to go lower”. This means there are decent odds of balancing and a new two day low is not a foregone conclusion. Keep that in mind while you navigate today’s trade.
| Today’s Market Profile Chart |
The chart provided is from WindoTrader. CLICK HERE to learn more about the ShadowTrader discount. Interpret the chart above with the Market Profile Key.
| Key Levels for Today | ||
| 4370.25 | VPOC 9.25 | |
| 4354.00 | RTH High | |
| 4317.00 | ONL | |
| 4305.50 | RTH Low / Lack of Material Excess | |
| Virgin Point of Control (VPOC) | ||
| 09.14.2023 | 4554.75 | |
| 09.20.2023 | 4499.25 | |
| 09.21.2023 | 4405.00 | |
| 09.22.2023 | 4390.00 | |
| 09.25.2023 | 4370.25 | |
| Today’s ES and NQ Market Profile and Pivot Point Numbers | ||
| Value Area High | 4333.00 | 14787.00 |
| Point of Control | 4315.00 | 14765.00 |
| Value Area Low | 4306.50 | 14708.00 |
| R3 | 4393.00 | 14998.75 |
| R2 | 4373.50 | 14922.50 |
| R1 | 4344.50 | 14818.75 |
| Pivot | 4325.00 | 14742.50 |
| S1 | 4296.00 | 14638.75 |
| S2 | 4276.50 | 14562.50 |
| S3 | 4247.50 | 14458.75 |
