The fundamental backdrop coming into today’s session is that back to back trend days only occur 14% of the time. In addition this gap down situation currently is set to open within a 3-5pt range putting the odds of the gap fill at roughly 73%.
That said,
Resistance: HVN 1647.75, Weekly R2 pivot- 1648.00, VAH- 1648.25, ONH- 1648.50, yday HOD 1648.75
Midpoint/support: VAL- 1641.75, LVN 1642.25, daily pivot point at 1642.75
The key areas to pay attention to out of those zones is the VPOC at 1644.75, ONL at 1644.00 and the low volume node at 1646.75.
There still is a pretty packed news schedule all the way up until the morning bell and after at 10am and 1030am EST.
Otherwise the key levels for today look pretty straight forward and the gap fill should cause the upside to lose some steam heading into primary resistance.
Good luck out there today!
