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Peter’s Premarket Perspective | Thursday, April 1, 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 /ESM21 and /NQM21 Futures are posted free every morning

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  Key Levels for Today
3894.50 ONH / RTH High (poor)
3970.00 Halfback
3964.00 Settlement / VAL / ONL / Past Settlements (3.26 / 3.29) / Top of Single Prints
3945.25 VPOC 3.30 (Prominent)

 

Yesterday delivered the final blow to the TNX/NDX negative correlation as the Nasdaq 100 closed over the downtrend line and changed the tone. Previously hot sectors such as Financials and Industrials cooled off while money flowed back into tech stalwarts like AAPL, AMZN, FB, and others.

This morning is a continuation of that theme as /NQM21 is currently up well over 1% while /ESM21 is ahead by about 0.40%. As of now we do not have a true gap higher and thus gap rules are not in play. Overnight inventory is 100% net long and we are currently trading very close to the ONH which is a new all time high.

There is plenty of M.G.I. to carry forward on both the upside and downside. Starting at the top, yesterday’s high was poor and the ONL is very close to it. Take this as potentially bullish because the first dynamic of the poor high which is to reject has already played out late yesterday afternoon. This means that we are now in position for the second dynamic to play out which is the repair.

On the downside, the settlement, VAL and ONL all came in at the same area where we have had 2 prior recent settlements. Carry forward that momentum buyers are in control and that the low is weak should it be tested.

  Scenarios

      • The recovery from yesterday’s late day liquidation break and subsequent retest of the poor high is bullish. Trade from the framework that we should repair the high and press higher. As there is no technical resistance there, it should be easier. Monitor for continuation and make sure that internals are confirming.
      • Although we are not trading on a true gap higher, watch the open closely for any potential small fade. Any such fade could present a good buying opportunity.
      • Carry forward that ONL/VAL/Settlement as weak as it is a very nuanced, mechanical, visual level that has supported multiple times now.
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