November 22

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

November 22 Pre-Bell Update

• Overnight Inventory is short. Gap rules don’t apply since we will open inside of yesterday’s range. Sellers have kept us mostly below the 5969 BZ level which means they have kept us mostly below yesterday’s POC at 5970.

• VWAP is currently sitting at 5962.

• ETH buyers have kept us inside of yesterday’s value area. Notice how the Overnight Low at 5940 is just above yesterday’s Value Area Low at 5937.50.

• The options market is expecting a +/- 32 point move. If I use 5969 as the anchor, today’s extremes could be 6001 or 5938.

November 22 Plan

Buyers showed up after this morning’s liquidation break; the gap was filled but value never overlapped which resulted in the late day rally that took us back above the 5869 BZ level and above the top of the prior gap.

• With today’s move we are back inside the prior “6-Day Balance”. We have today’s Point of Control at 5970 which means that tomorrow I will be looking for responsive longs above it since it adds confluence to the 5969 BZ level or for shorts below 5965 with a stop above the Point of Control to see if sellers can keep us below the top of the old gap.

Bullish Scenarios:

• Longs above 5970 targeting 5998 or the 6000 psychological level.

Bearish Scenarios:

• Shorts below 5965 or below 5950 targeting 5881.