- Consider both shortened RTH sessions to be all part of the overnight distribution
- Our market profile references are all from the Wednesday, Nov 22 session
- The ONL in the /ES was formed right when the /NQ came exactly to a nuanced technical level and bounced pretty hard. This tell us that momentum longs (short term) are still in control
- Potential for meaningful change can only appear below that weak ONL
| Pre Market Indications | ||
| Opening In/Out Balance | in balance | |
| Overnight Inventory | balanced | |
| Current Price/Overnight Range | middle third | |
| Shock and Awe | no | |
| Potential for Early Trade | no | |
| Short Term Bias | bullish | |
Scenarios
- I’m carrying that /NQ low into that daily 8EMA into my narrative and assuming /ES pullbacks are buyable as long as trade is above the ONL.
- Acceptance below the ONL has potential to change the tone. This would also put the recent VPOC below us into play as a target.
- Do not discount the potential for balance at these levels. The market is still very short term overbought without any meaningful liquidation in some time. You’ll know it’s balance by the slower tempo, mixed internals, and acceptance within the RTH range (Wednesday).
| 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 | ||
| 4580.50 | RTH High / Swing High | |
| 4574.00 | ONH | |
| 4555.00 | RTH Low / Poor Low | |
| 4552.00 | ONL | |
| 4548.50 | VPOC 11.21 | |
| Virgin Point of Control (VPOC) | ||
| 11.21.2023 | 4548.50 | |
| 11.13.2023 | 4425.75 | |
| 11.09.2023 | 4362.00 | |
| 11.02.2023 | 4336.00 | |
| 10.24.2023 | 4270.50 | |
| 11.01.2023 | 4256.50 | |
| 10.31.2023 | 4211.75 | |
| 10.27.2023 | 4132.00 | |
| Today’s ES and NQ Market Profile and Pivot Point Numbers | ||
| Value Area High | 4572.50 | 16100.00 |
| Point of Control | 4568.00 | 16057.00 |
| Value Area Low | 4562.00 | 16036.00 |
| R3 | 4605.50 | 16314.50 |
| R2 | 4593.00 | 16244.00 |
| R1 | 4580.00 | 16146.50 |
| Pivot | 4567.50 | 16076.00 |
| S1 | 4554.50 | 15978.50 |
| S2 | 4542.00 | 15908.00 |
| S3 | 4529.00 | 15810.50 |
