December 5

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December 5 Pre-Bell Update

  • Overnight Inventory is technically short since most of the action has taken place below yesterday’s settlement. As of the time of this writing we are trading right around yesterday’s close. Buyers have kept us within yesterday’s upper distribution while sellers have kept us below the 6100 psychological level.

  • VWA Pis sitting at 6095 which adds confluence to Value Area High at 6096.25. I will be monitoring for initiative buyers above this area or for responsive sellers below it.

December 5 Plan

Breakout today above the “2-Day Balance” which took us the 6086 BZ level where we spent some time but finally saw an aggressive move towards the 6100 psychological level.

  • Within today’s profile we have some single prints between 6089 and 6090 which add confluence to the 6086 BZ level. At 6086.50 we have today’s Point of Control. For buyers it’s all about finding acceptance within or above today’s upper distribution or better yet, above today’s POC which is right at our 6086 Balance Zone level. If buyers can accomplish this, I will be looking for a move towards the top of the current Balance one at 6115.

  • For sellers it’s all about rejection today’s upper distribution in order to then trade below the prior day’s low in order to then fill the gap at 6068.25.

Bullish Scenarios:

  • Longs above 6086 or above 6100 targeting 6115.

Bearish Scenarios:

  • Shorts below 6079 targeting the gap fill at 6068.25 or 6057.

Nasdaq:

  • Longs above 21,488.00 targeting 21,661.00.

  • Shorts below 21,450.00 targeting the gap fill at 21,312.50.



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December 6

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December 3