October 30

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October 30 Pre-Bell Update

• Overnight Inventory is balanced. We are currently trading near the Overnight Low. It sees like we will open inside yesterday’s value area so I will be looking for responsive type of trades.

• VWAP is sitting at 5879 which adds confluence to the 5881 BZ level.

• The options market is expecting a +/- 26 point move. If I use 5867 as the anchor, today’s extremes could be 5893 (back to the Overnight High?) or 5841 (back to yesterday’s low?).

October 30 Plan

Yesterday’s poor low was repaired this morning since we opened on a true gap below yesterday’s range. During the first period of the day we saw a very decent excess low which resulted in a rally that took us back to the prior day’s range. With this move we saw the “inside day breakout failure”.

• Today’s high near the 5881 BZ level is a “poor high” since it doesn’t have any excess. This could mean that the up auction hasn’t finished yet. We also have some single prints between 5854.25 and 5857.75. These single prints add confluence to the 5852 BZ level.

• I will be monitoring today’s swing low at 5867.50 since we have the 5867 BZ level right there and it’s also within Friday’s single prints.

Bullish Scenarios:

• Longs above 5867 or above 5881 targeting 5900 followed by 5940.

Bearish Scenarios:

• Shorts below 5860 or below 5852 targeting 5823.

• Shorts below 5823 targeting 5794.

Nasdaq:

• Today’s high ended up being 3 points above the 20,757.00 target/level.

• Longs above 20,585.00 or above 20,757.00 targeting 20,930.00.

• Shorts below 20,585.00 targeting 20,372.00.