- Small non true gap higher within range
- Overnight activity is all fully within the VA; I would have expected more short covering than that (M.G.I.)
- Value was essentially unchanged. The tone shifts definitively when value changes.
- The volume POCs and settlements almost identical in back to back RTH sessions. These levels are important.
| Pre Market Indications | ||
| Opening In/Out Balance | in balance | |
| Overnight Inventory | balanced | |
| Current Price/Overnight Range | upper third | |
| Shock and Awe | no | |
| Potential for Early Trade | no | |
| Short Term Bias | bearish but at a key support level | |
Scenarios
- My initial take this morning is that I am surprised that we aren’t higher. That in and of itself is M.G.I. that I am carrying forward into the session. O/N inventory is balanced and in a compressed range in the VA which indicates more balance rather than nervous shorts.
- The RTH High is a long entry as it would represent the level that would cease one time framing.
- Either of the back to back settlements or POCs may be targets on trades today. I would assume potential for a more short bias below those POCs.
| 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 | ||
| 4331.75 | RTH High | |
| 4320.25 | Settlement 2x | |
| 4314.25 | POC 2x | |
| 4302.25 | ONL / VAL | |
| 4277.00 | RTH Low / SPX Trendline Support | |
| 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 | 4328.25 | 14782.00 |
| Point of Control | 4314.25 | 14735.00 |
| Value Area Low | 4301.75 | 14668.00 |
| R3 | 4392.75 | 15080.50 |
| R2 | 4362.25 | 14951.00 |
| R1 | 4338.00 | 14845.00 |
| Pivot | 4307.50 | 14715.50 |
| S1 | 4283.25 | 14609.50 |
| S2 | 4252.75 | 14480.00 |
| S3 | 4228.50 | 14374.00 |
