May 14

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May 14 Plan & Pre-Bell Update

Yesterday we saw continuation of Monday’s buying and acceptance of prices above the 5900 psychological level.

• We have some single prints between 5890.25 and 5896.75 which means that for buyers it’s all about finding acceptance within or above yesterday’s “upper distribution”.

• The most bullish scenario is for buyers to defend the 5910 BZ level in order to then take out yesterday’s poor high. The poor high could mean that the up auction isn’t finished yet. Act 5915.50 we have yesterday’s Point of Control.   

• Overnight Inventory is long but gap rules don’t apply since the session is going to open inside of yesterday’s range.

• VWAP is sitting at 5909.50 which obviously adds confluence to the 5910 BZ level.

Value Area

VAH 5923 POC 5915.50 VAL 5903.00

Bullish Scenarios:

• Longs above 5910 targeting 5940.

• Longs above 5940 targeting 5969.

Bearish Scenarios:

• Shorts below 5900 targeting 5881.

• Shorts below 5881 targeting 5852 followed by 5823.