February 25
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February 25 Pre-Bell Update
Overnight Inventory is short. Sellers looked below yesterday’s range during the ETH session but as of the time of this writing we are trading right around the 5998-6000 area/levels which means that we are back inside the prior day’s range and gap rules don’t apply.
VWAP is currently sitting at 5999 which obviously adds confluence to the 5998BZ level and to the 6000 psychological level. ETH Halfback is 5997.
For buyers it’s all about keeping us above 5998 or keeping us inside of yesterday’s range. Like I mentioned in the plan, the goal today is to trade back above the 6057 area in order to end Daily One Time Farming Lower. If they can’t do this, we have to assume that sellers are in control in a short and medium term timeframe.
February 25 Plan
During today’s session sellers were able to defend the 6057 BZ level in order to then take us to the bottom of the Balance Zone at 5998. This was then followed by balance within/below Friday’s lowest distribution. In theory this is bearish since it validates Friday’s selloff; it means we saw acceptance of these “lower prices”. As I mentioned yesterday, I will now be monitoring what happens below the 6000 psychological level to see if sellers can take us all the way down to the gap fill at 5909.75.
For buyers it’s all about trading above the 6057 BZ level once again in order to end Daily One Time Framing Lower. If this happens, I will be monitoring the re-advertisement of prices within Friday’s large set of single prints below the 6086 BZ level.
Monday’s Value Area
VAH 6036.50
POC 6002.50
VAL 6001.25
Bullish Scenarios:
Longs above 6028 targeting 6057.
Longs above 6057 targeting 6086.
Bearish Scenarios:
Shorts below 6028 or below 5998 targeting 5969.
Shorts below 5969 targeting 5940.
Shorts below 5940 targeting the gap fill at 5909.75.
Nasdaq:
Longs above 21,661.00 targeting 21,833.00 followed by 22,046.00.
Shorts below 21,488.00 targeting 21,243.00 followed bye 20,930.00.