February 18

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February 18 Pre-Bell Update

• Overnight Inventory is long. I consider yesterday’s shortened session as a type of ETH session. We are currently 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.

• VWAP is sitting 6150 which adds confluence the 6145 BZ level.

February 18 Plan

On Friday we saw acceptance within/above Thursday’s upper distribution. At the same time, sellers defended the 6145 BZ level really well. Going into Monday’s session I will be monitoring interest above 6145 to see if burets can find support above it. For sellers it’s all about trading below Friday’s low in order to end Daily One Time Farming Higher. If this happens I will be looking for a test of the 6145 BZ level which is also where we have the bottom of Thursday’s single prints.

Bullish Scenarios:

• Longs above 6130 or above 6145 targeting 6174.

Bearish Scenarios:

• Shorts below 6130 targeting 6115.

• Shorts below 6115 or below 6100 targeting 6086.

Nasdaq:

• Longs above 22,145.00 or above 22,200.00 targeting 22,391.00.

• Short below 22,100.00 or below 22,046.00 targeting 21,833.00.