December 3

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December 3 Pre-Bell Update

• Overnight Inventory is balanced but as of the time of this writing we are trading near the Overnight Low, near the 6057 BZ level. We are going to see an RTH open inside of yesterday’s range so gap rules don’t apply.

• If we see an open below 6055.75 it would mean that we are opening below/outside yesterday’s Value Area so I will be on the lookout for initiative sellers who can keep us outside of it.

• VWAP is sitting at 6063 which adds confluence to yesterday’s Point of Control at 6062.25.

• Sellers need to repair yesterday’s poor low in order to then end Daily OTF Higher; this should be their main goal today.

December 3 Plan

Buyers managed to give us another new All Time high today which was followed by support above the Balance Zone’s halfback at 6057. As short term traders, the only thing we can do is monitor for continuation.

• Today’s session is interesting since it has a poor low as well as a poor high. The repair of the poor low will end Daily One Time Framing Higher.

Bullish Scenarios:

• Longs above 6057 targeting 6071 or 6086.

Bearish Scenarios:

• Shorts below 6057 targeting 6043 followed by 6028.

Nasdaq:

• If buyers can give us a breakout above 21,243.00 then I will bel looking for a move towards 21,488.00.