April 14
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April 14 Pre-Bell Update
Overnight Inventory is 100% long. We are trading above/outside Friday’s range which means that gap rules apply. The rule tells us to “go with the gap” if it doesn’t get filled. A sign of stronger buyers is preventing the gap from getting filled.
Most of the ETH session was spent between the 5413 and 5472 BZ levels. As of the time of this writing we are trading above 5472. We are still trading below last week’s high. The goal for buyers is to trade above it in order to end Weekly OTF Lower.
VWAP is sitting at 5453.
I’m going to be monitoring for potential buyers above the 5472 BZ level.
• I’m also going to be monitoring the open and the overnight high. Lack of interest above these areas could trigger a correction to overnight inventory.
April 14 Plan
The most important takeaways after Friday’s session ended are the following:
Inside Day Breakout to the upside but resistance at the top of the Balance Zone at 5413.
LVN at 5340 which is near Friday’s halfback. Trading below it will probably take us back to Thursday’s low due to confirmation of an “inside day breakout failure”.
For buyers it’s all about trading above Wednesday’s high in order to end Weekly One Time Farming Lower. A move above 5530 can take us to the gap that we have above.
Today’s low doesn’t have meaningful excess, especially after the volatility these last couple of days. Sellers main goal should be to fill all of Wednesday’s single prints in order pressure Monday’s excess low.
Friday’s Value Area:
VAH 5405.25
POC 5392.00
VAL 5306.50
Bullish Scenarios:
Longs above 5384 or above 5413 targeting 5472 followed by 5530.
Longs above 5530 targeting the gap fill at 5610.75.
Bearish Scenarios:
Shorts below 5325 or below 5296 targeting 5179.
Shorts below 5179 targeting 5062.
Nasdaq:
Longs above 18,746.00 targeting 19,128.00.
Longs above 19,128.00 targeting 19,470.00 followed by 19,782.00.
• ⁃ Shorts below 18,575.00 targeting 17,681.00.