Heading into today, from a market profile standpoint we really only have the last two sessions to look at for guidance. Once again we are heading into a gap down situation and look to be opening within a 3-5pt range which has a 73% probability of filling.
Support: High volume node- 1647.50, Weekly R2 pivot- 1648.00, Low volume node- 1648.50, Value area low- 1649.00
Also note that this was the area of yesterday’s breakout. A long trigger off this level puts the gap fill in play but also is accepting the breakout and lower value which is defined by the VAL and low volume node.
Resistance: Value area high – 1659.00, relatively high volume node at 1659.25 and yday’s high – 1659.75
Here are the charts:
The key levels to pay attention to as the market heads into the middle of yesterday’s range and gap fill level are the overnight low at 1650.00, volume point of control at 1655.00 and the high volume node at 1653.00.
Should be good action today. Keep in mind news at 10am and 1030am EST.
