February 19

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February 19 Pre-Bell Update

• Overnight Inventory is balanced. We are currently trading inside of yesterday’s range so gap rules don’t apply. We are going to open inside of yesterday’s value area which means I will be looking for responsive type of trades by leaning against structural references.

• VWAP is currently sitting exactly at the 6145 BZ level. ETH Halfback is also 6145.

• The options market is expecting a +/- 24 point move today. If I use 6135 as the anchor, today’s extremes could be 6159 (6159 BZ level) or 6111.

February 19 Plan

• Sellers were able to end Daily One Time Framing Higher but we ended up with an excess low just above the 6115 BZ level when buyers showed up within Thursday’s single prints. Stronger sellers would’ve filled all of these single prints. Buyers were then able to close the session near the high of the day, right around the 6145 BZ level.

• Going in into tomorrow’s session I will continue to monitor for potential buyers above the 6145 BZ level to see if we can finally get a breakout above this level that has acted as resistance.

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 22,200.00 targeting 22,391.00.

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