Peter’s Premarket Perspective | Thursday, February 18, 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
3936.00 ONH
3926.00 Settlement (2 days) (Poor)
3913.25 Halfback
3913.00 ONL
3896.50 RTH Low

 

** I am working remotely this morning and don’t have access to the market profile on the larger vertical screen which is why the photo above may not look like what you’re used to. **

Solid gap lower this morning but still well inside of RTH range and thus not a true gap. Gap rules will not be in play. Overnight inventory is balanced to net short and we are currently ticking in the lower third of the overnight range.

Yesterday’s afternoon rally was a WWSHD dynamic as the market should have started to rotate lower towards the balance area low. Enough sellers to make that happen were conspicuously absent. Starting from there in our narrative, it is apparent that yesterday’s RTH Low is the most important Key Level for today’s trade. A breach of it puts that balance area low into play while remaining above it tells us the market is remaining in balance and still looking for more information.

  Scenarios

    • As discussed above, use the RTH Low as a potential gateway to further weakness towards the balance area low at 3878.50.
    • Anything outside of the prior scenario should be seen as balancing to higher. Responsive trade may well the be best course of action today as there seem to be competing biases right now.

 

 

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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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