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Pre market indications
| Opening In/Out Balance | in balance |
|---|---|
| Overnight Inventory | balanced to net short |
| Current Price/Overnight Range | upper third |
| Shock and Awe | no |
| Potential for Early Trade | no |
| Short Term Bias | bullish |
Key Levels for Today
| 4433.25 | RTH High / ATH |
|---|---|
| 4416.75 | RTH Low / ONL |
| 4411.75 | TPO POC 8.5 / ONL 8.8 |
| 4400.50 | VPOC 8.4 |
Ongoing Narrative / Commentary
Not much to discuss when the overnight range is completely within the RTH range and current prices are ticking dead on settlement. As earnings season is winding down to a trickle, the market may be looking for the next catalyst.
Yesterday’s RTH activity gave us some M.G.I. in the form of failing to test the prominent POC that is just below us from the 8.5 session. If you recall, the area was tested in an overnight session but never in an RTH session. We carry this forward in our narrative as a sign of momentum trader strength. It’s a short term type of strength, but strength nonetheless.
Scenarios
- Assume yesterday’s RTH session and the overnight session to be in balance. As the overnight low and the RTH low are almost identical, assume a potential downside breakout below that area. On the upside, note that the RTH High is almost a match with the prior day’s RTH High, so assume the same potential breakout there. Holding within range denotes further balance.
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