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Peter’s Premarket Perspective | Wednesday, March 1, 2023

By March 1, 2023No Comments

Today’s ES and NQ Market Profile and Pivot Point Numbers

Value Area High3993.5012122.00
Point of Control3982.0012088.00
Value Area Low3977.0012060.00

Today’s Market Profile Chart

The above chart is from WindoTrader | Call 702-800-4628 and speak with Terry about the ShadowTrader discount or CLICK HERE to learn more.

Click HERE for a market profile key that will help you interpret the chart above.

  Pre market indications

Opening In/Out Balancein balalnce
Overnight Inventorybalanced
Current Price/Overnight Rangemiddle third
Shock and Aweno
Potential for Early Tradeno
Short Term Biasneutral, market looking for more information

  Key Levels for Today

4034.25Poor High 2.23
4003.75 RTH High (Weak)
3971.50Top of Spike
3965.00RTH Low
3947.50Swing Low

Ongoing Narrative / Commentary

Market stayed on brand yesterday with an early grind higher that was negated and then some by afternoon selling. This selling closed on the LOD leaving a spike in its wake. Spike rules are in play and as such we are currently slated to open within the spike which is bearish as it confirms the lower prices of the spike. Get familiar with spike rules if you are not already.

In yesterday’s commentary and video, I spoke of the market developing a balance area over the last 4-5 sessions. Yesterday’s action remained within this range. Traders should always keep in mind that balance leads to excess and thus a larger move is coming at some point when prices move out of this range. I discuss this again in the video below.

As Bone Thugs n Harmony have taught us, the first of the month is important. I would not be surprised to see a bit more volatilaty come in as the calendar flips today. Let’s see if we can get out of this balance area and what that might bring.


  • none


  • Spike rules are in play. Current premarket indication is to open within the spike which is bearish as it confirms the spike. I will use the Top of the Spike as my initial bullish/bearish line and will bias short today if this level is not breached.  
  • Any acceptance above the Top of the Spike is more bullish and should target the POC.   
  • Taking out the ONL puts the recent swing low into play. Monitor for continuation and make sure that internals confirm.

Iceberg Tick

A game changer if you use the TICK as a market internal. Paints time spent above zero in green and time below in red. Traders who know how to use the TICK know that this is what really matters in terms of sustaining intraday direction, not how high or low the extremes are.