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Peter’s Premarket Perspective | Wednesday, February 3, 2021

Peter Reznicek
Peter Reznicek
Co-founder/Head Trader, Peter's Premarket Perspective, Weekly Options advisory Email Peter Reznicek
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The Market Profile value areas and ShadowTrader Pivots for /ESH21 and /NQH21 Futures are posted free every morning

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  Key Levels for Today
3843.50 ONH
3819.00 VAL / ONL
3811.75 Top of Single Prints
3799.00 RTH Low / Top of Gap
3777.00 Bottom of Gap

 

Yesterday’s overnight gap held with no fill as an opening drive took prices higher and never looked back except for a minor late day liquidation break. Overnight inventory is net long again this morning to the tune of about 90%. As of now we are slated to open within range and are currently trading very close to overnight halfback.

The large gap from yesterday is a carry forward as are the single prints in the RTH distribution. Tops of single prints are often supportive. I am noting that the ONL supported just above VAL. Short term buyers are firmly in control here.

Yesterday’s distribution was “p” shaped which tells us that old business (short covering) was being transacted early in the session. Value was established higher.

  Scenarios

    • While bias is clearly upwards currently, don’t discount the potential for a liquidation break in today’s session. There is a bit of a piling on effect with very little long liquidation in this run so far.
    • Overnight trade is quite balanced with a small distribution that is very wide right at the volume POC from yesterday. That denotes value at that area. As traders are comfortable with these higher prices currently we could easily see more backing and filling in the RTH session around this area. If so, cut targets and stops smaller and look to responsive trade for your daily bread.
    • There is no potential for change in tone unless the single prints come into play and then potentially the unfilled gap.
      Outside of that scenario, continue to bias yourself long.

 

 

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