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Peter’s Premarket Perspective Friday December 1, 2023

By December 1, 2023No Comments
  • Yesterday’s RTH session completed the balance rules rotation back to balance are low but did not find further sellers past that area.
  • We are now trading back in the middle of this area which tells us very little about future direction.
  • /NQ is showing a good amount of relative weakness lately as money seems to be rotating out of tech and into other sectors.  This causes choppy action as tech is a large part of the S&P.
  • Overall, buyers remain in control unless the  SPX cash daily loses the 8EMA.
Pre Market Indications
Opening In/Out Balancein balance
Overnight Inventorybalanced
Current Price/Overnight Rangelower third
Shock and Aweno
Potential for Early Tradeno
Short Term Biasbullish

Scenarios

  • The failure to mover lower after rotation to balance area low is important M.G.I.  As long as this level holds, consider buyers to be in control and that swing longs are holding.
  • While being inside of range and the larger recent balance area may be choppy, assume that movement back into the VA should target the POC.  Current ONL is right at VAH and could be weak.
  • Monitor closely for continuation on any move outside of the larger range.
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
4597.00Swing High / Lack of Material Excess
4584.50ONH
4555.25POC
4544.75RTH Low
Virgin Point of Control (VPOC)
11.13.20234425.75
11.09.20234362.00
11.02.20234336.00
10.24.20234270.50
11.01.20234256.50
10.31.20234211.75
10.27.20234132.00
Today’s ES and NQ Market Profile and Pivot Point Numbers
Value Area High4565.2515964.50
Point of Control4555.2515895.50
Value Area Low4549.7515864.50
R34624.0016268.00
R24601.7516159.75
R14589.2516072.50
Pivot4567.0015964.25
S14554.5015877.00
S24532.2515768.75
S34519.7515681.50
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