- True gap lower on balanced overnight inventory
- Sellers remain in firm control
- /ES showing a lot of relative weakness being below the 8.18 low whereas /NQ is still not
- Gap rules are in play
- VPOCs are starting to stack above us, indicating growing downside momentum
| Pre Market Indications | ||
| Opening In/Out Balance | out of balance | |
| Overnight Inventory | balanced | |
| Current Price/Overnight Range | lower third | |
| Shock and Awe | yes | |
| Potential for Early Trade | yes | |
| Short Term Bias | bearish | |
Scenarios
- Even though overnight inventory is very balanced, potential for early fade is still present although lessened a bit. First scenario on any true gap lower is to see if we fade at all. Note signposts above as discussed in video.
- /NQ moving below the 8.18 low and finding acceptance there indicates stronger selling than if this level is not taken out. Always keep in mind how connected these two markets (/ES and /NQ) are.
- Settlement is a key level today because that is where “screens go green” around the world and in a bearish tape that has potential to induce short covering.
| 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 | ||
| 4365.00 | Settlement | |
| 4357.25 | RTH Low | |
| 4343.50 | ONL | |
| Virgin Point of Control (VPOC) | ||
| 09.14.2023 | 4554.75 | |
| 09.20.2023 | 4499.25 | |
| 09.21.2023 | 4405.00 | |
| Today’s ES and NQ Market Profile and Pivot Point Numbers | ||
| Value Area High | 4395.00 | 14981.00 |
| Point of Control | 4390.00 | 14921.00 |
| Value Area Low | 4370.50 | 14857.00 |
| R3 | 4429.50 | 15155.50 |
| R2 | 4414.25 | 15091.50 |
| R1 | 4387.75 | 14980.50 |
| Pivot | 4372.50 | 14916.50 |
| S1 | 4346.00 | 14805.50 |
| S2 | 4330.75 | 14741.50 |
| S3 | 4304.25 | 14630.50 |
