The Market Profile value areas and ShadowTrader Pivots for /ESH21 and /NQH21 Futures are posted free every morning
in the ShadowTrader Swing Trader newsletter.
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| 3878.75 | ONH |
|---|---|
| 3872.00 | POC |
| 3829.50 | Settlement / ONL |
| 3816.25 | RTH Low |
To say that this market doesn’t know what it wants is the understatement of the year. Continued back and forth. A very weak close yesterday and now gapping up over 30 in the /ES after being up as much as 50+ at the ONH. We are slated to open well within range on overnight inventory that is 100% net long give or take a few ticks. Current prices are tracking in the middle to upper third of the overnight range. All of this speaks to trading later rather than earlier.
Value was overlapping to up in yesterday’s RTH session. This is a carry forward in the sense that it supports the reversal theory. Continue to watch where that develops daily. Remember that price and value are two separate things.
As there is little to go on this morning as far as how the day plays out, I’ll leave you with a chart of the TNX which has come in a bit overnight. That is of course bullish for the /NQ and is confirmed by those futures currently ahead by 2.36% in contrast to the /ES +0.94% gain.
Scenarios
- While overnight inventory is skewed heavily net long, we are slated to open within range and value so gap rules do not apply and any shock and awe is curtailed a bit. The better trades should develop later in the session rather than earlier. Assume responsive trade within the confines of the overnight range.
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