Today I believe it’s going to be a balanced profile day as market awaits Sino-US trade talks outcome.
Overnight price traded within yesterday’s value area. I believe price will come down to test yesterday’s lows before going up to test overnight VPOC or try to take out overnight high before falling back within the range -baring any unexpected news of course.
Basically price /market has rejected everything that occurred on Friday.
I did point out that smart money was balancing their books. They did that beautifully. A long of longs got trapped and accounts blown!
One rule of thumb – too many speeches on the day, obfuscate price action. Add Trump tweets and China-US trade war and it being Friday.
Note how the drop came...
After an eventful price action yesterday, price calmed down overnight with a slow grind pullback.
Today I am expecting the price to retest the top of the value area high and take out the overnight highs before coming back down and taking the lows of yesterday. If the lows are taken expecting price to test the weekly VPOC.
Yesterday’s price action was a bit unexpected due to earnings outcome. However, while price went up, it was not very convincing, due to the pace and low volume. Divergence remains.
Overnight session remained within the value area low of the previous session. Towards market open, price pierced yesterday’s POC and pulled back to the bottom of value area high.
An interesting week ahead. China trade relations raising it’s head. October highs stealthily taken out overnight, on low volume. More earnings reports out this week. Beware of traps!
I think the market with try to establish value at Friday’s POC before deciding whether to retest the overnight high or continue to the downside.
Wait and see what the initial...
Overnight price has been confined below yesterday's POC, around the value area low. Price rejected the low pricing. During London morning session, price still undecided. Positive GDP figures pushed up price.
I am expecting price to test overnight highs and lows, and possible yesterday’s low, before going up to take out the weekly high.
A couple of figures still...
Another day of earnings and uncertainty. Nasdaq made higher highs after earnings reports after market close. Dow lost some of the gains made on Tuesday. This has left S&P a bit flustered. There is no clear directional bias on intra-day. Overnight price action, particularly during London, held in a very narrow range. Maybe those in the know, know something retail...