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

Peter Reznicek

The Market Profile value areas and ShadowTrader Pivots for /ESH21 and /NQH21 Futures are posted free every morning

in the ShadowTrader Swing Trader newsletter.

premarket

WindoTrader 702-800-4628 Speak with Terry about the ShadowTrader discount

 

  Key Levels for Today
3866.25 ONH
3850.00 RTH High
3839.25 Settlement
3827.00 Top of Single Prints
3821.00 Bottom of Single Prints
3796.25 ONL

 

Futures gapping down only slightly currently after an overnight session that was much lower and also higher moving above Friday’s RTH High by a decent clip. Overnight inventory is balanced to slightly net short and we are currently trading just above overnight halfback.

There’s plenty to go on just from the paragraph above. We know that Friday was a reversal day. The fact that futures prices took out the high overnight is bullish and carry forward M.G.I. into today’s open. The fact that prices traded quite far down into the RTH range before recovering is also more bullish M.G.I. I will trade from the framework that the ONL is secure and look for pullback buys, being slightly more aggressive if the RTH High is taken out.

Only acceptance below the RTH Low would change the tone currently. To put an even finer point on it, Friday was also a double distribution with a set of single prints splitting the day. Holding in the upper distribution is more bullish than trading in the lower one. As always, the extremes of the single prints can be turning points.

Advance heads up to readers of the PPP……I will be taking over SquawkBox duties from Brad tomorrow all day. TOS platform, chatrooms tab, shadowtrader room.

  Scenarios

    • As per comments above, my bias is more bullish than bearish this morning, looking for pullback buys as long as we stay above the ONL with an added bullish bias over the RTH High.
    • I will watch the single print area closely to see where prices find acceptance in the RTH session. Holding up in the upper distribution is more bullish while acceptance in the lower one is less so.
    • While I’m coming into the market seeing Friday as a reversal day and overnight trade confirming that, I also know that anything can happen in an RTH session. Acceptance below the ONL puts the reversal into question and keeps recent lows in play. Odds should be lower of this but all scenarios are potentials.

 

 

forex trading strategies

Forex Trading Strategies by Blake Young

Use Blake’s techniques to create trading systems
Over 4 1/2 hours of instruction
Applicable to all markets (stocks, futures, forex)

Watch A Trailer

TD Ameritrade, Inc. and Shadow Trader Technologies LLC are separate, unaffiliated companies and are not responsible for each other’s services and products

Don’t Have a TD Ameritrade Account?

Do you put on a blindfold when you drive too? Open an account with TD Ameritrade today and get everything ShadowTrader has to offer including the live SquawkBox and more!

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.

View all author Posts