Peter’s Premarket Perspective | Tuesday, August 10, 2021

Peter Reznicek

The Market Profile value areas and ShadowTrader Pivots for /ESU21 and /NQU21 Futures are posted free every morning in the ShadowTrader Swing Trader newsletter.

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  Pre market indications
Opening In/Out Balance in balance
Overnight Inventory balanced to net short
Current Price/Overnight Range upper third
Shock and Awe no
Potential for Early Trade no
Short Term Bias bullish
  Key Levels for Today
4433.25 RTH High / ATH
4416.75 RTH Low / ONL
4411.75 TPO POC 8.5 / ONL 8.8
4400.50 VPOC 8.4 

Ongoing Narrative / Commentary

Not much to discuss when the overnight range is completely within the RTH range and current prices are ticking dead on settlement.  As earnings season is winding down to a trickle, the market may be looking for the next catalyst.

Yesterday’s RTH activity gave us some M.G.I. in the form of failing to test the prominent POC that is just below us from the 8.5 session.  If you recall, the area was tested in an overnight session but never in an RTH session.  We carry this forward in our narrative as a sign of momentum trader strength.  It’s a short term type of strength, but strength nonetheless.

Scenarios

  • Assume yesterday’s RTH session and the overnight session to be in balance.  As the overnight low and the RTH low are almost identical, assume a potential downside breakout below that area.  On the upside, note that the RTH High is almost a match with the prior day’s RTH High, so assume the same potential breakout there.  Holding within range denotes further balance.
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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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