June 2

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June 2 Pre-Bell Update

• Overnight Inventory is 100% short but completely inside of Friday’s range which means that gap rules don’t apply. We are currently trading just above Friday’s Value Area Low; I will be monitoring the 5900 psychological level or for potential responsive buyers at Value Area Low.

• VWAP is currently sitting at 5891 which is just 3 points below Friday’s Value Area Low at 5894. If I were to take a responsive long near VAL, the stop will be placed below VWAP.

June 2 Plan

On Friday we saw a failed breakout below last week’s “3-Day Balance”; notice that sellers failed to fill the gap below at 5843.75 which resulted in a move back above the 5910 BZ level.

• Last week ended up being an “inside week” which means that I will be monitoring the breakout above or below either extreme.

• Going into Monday’s session I will be monitoring buyers’ ability to keep us above the 5910 BZ level or sellers’ ability to keep us below the 5900 psychological level.

Value Area:

VAH 5928.25
POC 5916.50
VAL 5894.00

Bullish Scenarios:

• Longs above 5910 targeting 5940.

• Longs above 5940 targeting 5969 followed by 5998.

Bearish Scenarios:

• Shorts below 5900 targeting 5881 followed by 5823.

Nasdaq:

• Longs above 21,375.00 targeting 21,488.00 followed by 21,661.00.

• Shorts below 21,243.00 targeting 20,930.00.