Peter’s Premarket Perspective | Thursday, May 6, 2021

Peter Reznicek

The Market Profile value areas and ShadowTrader Pivots for /ESM21 and /NQM21 Futures are posted free every morning in the ShadowTrader Swing Trader newsletter.

premarket

WindoTrader 702-800-4628 Speak with Terry about the ShadowTrader discount or CLICK HERE to learn more.

  Pre market indications
Opening In/Out Balance in balance
Overnight Inventory balanced
Current Price/Overnight Range in lower third
Shock and Awe no
Potential for Early Trade no
Short Term Bias SPY above  20SMA, QQQ below, neutral
  Key Levels for Today
4189.50 VPOC 5.3
4180.00 RTH High
4160.75 Settlement
4151.00 ONL
4140.00 VPOC 5.4

Ongoing Narrative / Commentary

Very flat open and premarket indications above showing little to do early as overnight inventory very balanced and opening within range. The better trades will develop later rather than earlier in today’s session.

It relatively rare that we have VPOC’s bookending the RTH range on both sides but that’s what we have today. I’ve listed both as key levels which could be targets should the market move definitively out of yesterday’s RTH range.

The overall feel here is that the market is suffering from a lack of focus. Divergence abounds with the NDX and RUT threatening to flip their bias into downtrends while the SPX holds it’s own in a more sideways trajectory.

  Scenarios

  • Premarket indications offer little clue as to early direction. Current prices are also very close to the settlement as well which indicates no change in the overnight session.
  • Assume further balance within range with the aforementioned VPOC’s as potential targets should prices breakout in either direction.
Cumulative Tick thinkScript

ShadowTrader Cumulative Tick

Beef up your “quad” and by putting your tick indicator on steroids!

Learn More

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