Peter’s Premarket Perspective | Monday, February 8, 2021

Peter Reznicek

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
3900.50 ONH / New ATH
3888.25 RTH High
3880.25 POC
3855.25 VPOC 2/4
3827.00 VPOC 2/3

 

True gap higher again to new all time high in the /ES. /NQ’s even a tad bit stronger and also setting a record. Overnight inventory is 100% net long and we are currently trading close to the middle of the overnight range.

As there is no upside reference for trade today other than the ONH, focus has to simply be on whether or not there is a gap fill and if so how much. Friday’s TPO POC was relatively prominent and could also be tested on any weakness. Beyond that we have VPOC’s starting to stack with two just in the last three RTH sessions. Any of those can be targets on any corrective activity.

  Scenarios

    • Gap rules are in play. There is potential for the early fade today. First one minute low or cross back through open after opening drive failure are both valid setups. Failure to take out the ONH early or crossing back into overnight range after doing so would both be potential confirming factors.
    • Obviously, potential is also there for gap and go. No way to know until the RTH activity starts. This will be the harder play to pull off as larger gaps often back and fill a lot as they meander higher. The ONH is the only upside reference and needs to be taken on increased tempo and very bullish internals in order to set up a trending move higher. Structure and VPOC’s indicate strong potential for a liquidation break so don’t be surprised.

 

 

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Peter Reznicek

Peter Reznicek is the founder of ShadowTrader.net and writer of Peter's Premarket Perspective, a morning market profile blog to help people plan their trading day and organize their thoughts before the market opens. He can be reached at asktheshadow@shadowtrader.net.

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