Market Profile Value Areas and POC figures for /ESH7 and /NQH7 Futures are posted free every morning HERE. Click on any posts in the list on the left pane to see them in the main window. Don’t click on the ST logo as it will just refresh the page and you’ll get only the topmost post over and over. Click on the title or text.
Value broke away from the prior day’s range yesterday but didn’t move out of the larger balance area. Volume was very low, and prices reversed intraday to close at the lows. Not a sign of high confidence.
Currently futures trading up 5.25 (8:48am EST) and will have us opening within balance on overnight inventory that is 100% net long. The play this morning is to watch closely early if that situation will correct itself through lower prices, if not, the play is long.
I believe there is still the holdout for Dow 20,000 which missed by a scant 20 points yesterday (and less on a prior day). As yesterday was the first trading day back after the Christmas holiday and volume didn’t increase at all, this tells me that larger players are waiting for the calendar to flip before committing to anything more seriously. I expect more of the same action we’ve had for the next three sessions.
Have a wonderful day,