May 1

Discord access link: https://discord.gg/UPbu6PZFDp

Today’s low has 1.5 points of excess. This isn’t meaningful excess but it’s technically an excess low which means that it isn’t a poor low. It’s also important to note that buyers stepped in right at the top of the April 24 single prints. This is important since it continues to validate the rally that we’ve seen these last couple of days.

• We can also see that during the second half of the session we saw support math the 5530 BZ level which resulted in the large spike to end the day above the prior day’s range. The most bullish scenarios would be for us to see acceptance within or above the spike since it would validate the late day buying. Acceptance within or above the spike would also mean acceptance within yesterday’s upper distribution.

Value Area

VAH 5556.00
POC 5530.00
VAL 5469.00

Bullish Scenarios:

• Longs above 5589 or above 5600 targeting 5647.

Bearish Scenarios:

• Shorts below 5572 targeting 5530.

• Shorts below 5530 targeting 5472 followed by 5413.

Nasdaq:

• Longs above 19,667.00 or above 19,782.00 targeting 20,027.00.

• Shorts below 19,470.00 targeting 19,128.00 followed by 18,915.00.