December 10

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December 10 Pre-Bell Update

• Overnight Inventory is balanced but leaning more towards the long side. We are going to open inside of yesterday’s range so gap rules don’t apply. We have the Overnight Low just above the 6057 BZ level and the Overnight High right at that 6071 area I wrote about on the plan.

• VWAP is sitting at 6064 which is just 2 points above Value Area Low.

• I’m going to be monitoring for responsive trades. For example I’m going to be monitoring the reaction at ONH or at the POC at 6074.50 or for responsive buyers near VWAP/VAL.

December 10 Plan

Liquidation break this morning after sellers repaired Friday’s poor low and hence ended Daily One Time Farming Higher. The “B period” move left single prints on the profile between 6085.50 and 6090.75. The bottom of these single prints will obviously add confluence to the 6086 Balance Zone level. Which is the bottom of last week’s “2-Day Balance”. For buyers it’s important to fill these single prints since it could trigger the “2-Day Balance breakout failure” and take us back to Friday’s poor high that needs to be repaired.

• With today’s move sellers were able to fill the gap that we had below but notice that we stayed above the 6057 BZ level which means that we are still above last week’s open .The gap l for sellers going into tomorrow’s session session should be to give us continuation of today’s move by then trading below last week’s low which would place us within the unfilled single print from the November 29 session.

Bullish Scenarios:

• Longs above 6080 since this would be above today’s Value Area High and above last Wednesday’s Value Area Low. If buyers show up here I will be monitoring their ability to fill the single prints above.

• If single prints are filled, I will be looking for the repair of Friday’s poor high.

Bearish Scenarios:

• Shorts below 6070-74 targeting 6057.

• Shorts below 6057 targeting 6028.