Profile levels:
Previous RTH: VAH: 18,722; VAL: 18,675; POC: 18,691; tPOC range: 18,728-32
Post RTH/Overnight: VAH: 18,660; VAL: 18,641; POC: 18,652
VWAP: 18,652
OVERNIGHT LEVELS: O: 18,642; H: 18,677.25 (pre-NY open); L: 18,617 (0422hrs EDT)
PREV SESSION LEVELS: O: 18,699; H: 18,760.75; L: 18,643.75 (1559hrs EDT); C: 18,654.25
Indices find themselves in all time high territory. Yesterday’s session proved to be a false breakout to 18,760 after the open, only for sellers to step in. Looking at the big picture, the trend is still up. Taking the volume profiles into consideration, we note that there is near-term support around the 18,600 area as detailed in the chart. A break below the 18,600 area could lead to the chart profile getting the transitional, low volume areas to reauction.
Today’s no-man land is the range of 18,660-18,680. I suspect a trade and hold above 680, leads to bullish price action for the rest of the session, as we would recover into the previous session's value area, noted above. Ideally, this would represent a continuation of the responsive buying activity seen near the 18,600 area. However, if price is unable to trade above yesterday's POC at 691, could be a sign of sustained sellers taking advantage of a critical area to sell it down further.
In today’s plan, we get long above 680 and look for sustainment above 695 for a bull trend to continue if it is to do so. Otherwise, we are looking to sell pullbacks below 660
.