- True gap lower outside of range puts gap rules into play this morning.
- While it felt like a topping pattern, yesterday’s RTH distribution didn’t have much excess on the top.
- Overnight gap downs in AAPL, TSLA, and others weighing on the market.
- Potentially some jitters ahead of Fe Chair Powell’s semianuual monetary policy testimony (Wed & Thurs)
| Pre Market Indications | ||
| Opening In/Out Balance | out of balance | |
| Overnight Inventory | 100% net short | |
| Current Price/Overnight Range | lower third | |
| Shock and Awe | yes | |
| Potential for Early Trade | yes | |
| Short Term Bias | bullish | |
Scenarios
- True gap lower on 100% net short o/n inventory means the potential gap fill is the first scenario. Old business gets transacted before new business which means that shorts “should” cover a bit to balance out the inventory. As always, doing so only partially or not at all is a bearish set up.
- Any move lower below the ONL should be monitored for continuation closely.
- Should the gap fill fully, that is a short first aginst the RTH Low and then a potential long to the POC and higher if prices re-enter the 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 | ||
| 5157.75 | RTH High | |
| 5134.25 | RTH Low | |
| 5114.25 | ONL | |
| 5095.25 | VPOC 02.29 | |
| Virgin Point of Control (VPOC) | ||
| 02.29.24 | 5095.25 | |
| 02.16.24 | 5020.00 | |
| 02.21.24 | 4977.50 | |
| 02.01.24 | 4888.75 | |
| 01.18.24 | 4784.75 | |
| 01.17.24 | 4765.00 | |
| 01.05.24 | 4735.75 | |
| 12.13.23 | 4699.75 | |
| 12.12.23 | 4682.75 | |
| 12.11.23 | 4660.25 | |
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| Today’s ES and NQ Market Profile and Pivot Point Numbers | ||
| Value Area High | 5144.75 | 18329.00 |
| Point of Control | 5138.25 | 18305.00 |
| Value Area Low | 5136.75 | 18291.00 |
| R3 | 5176.25 | 18437.00 |
| R2 | 5167.00 | 18391.75 |
| R1 | 5152.75 | 18327.25 |
| Pivot | 5143.50 | 18282.00 |
| S1 | 5129.25 | 18217.50 |
| S2 | 5120.00 | 18172.25 |
| S3 | 5105.75 | 18107.75 |
