Update for Daily Plan: 4.17.2024
Intraday Update
Previous RTH (Regular Trading Hours) levels
O: 17856.50
H: 17988.00
L: 17840.25
C: 17913.25
VAH: 17918.50
POC: 17,901.00
VAL: 17,865.00
Previous Overnight levels
Open:17,881.25
High: 17,893.75
Low: 17,792.00
VAH: 17,898.00
POC: 17,868.50 – 17,898.50 – 18,115.50 (other potential POCs)
VAL: 17,852.00
Overnight levels
Open:17,940.00
High: 17,968.50(092740hrs EDT)
Low: 17,778.00 (0204070hrs EDT)
VAH: 17,946.25
POC: 17,916.25
VAL: 17,888.75
(17850.00 as of 10148hrs EDT) An update following up the overnight into the pre-London close: the plan is working out fine so far. Responsive sellers stepped in >17,960. At the 17,850 level we are to be on alert for interim support to become resistance, per chart 1. We might be in for a trend day if the flag breaks at 17,800. 17,730 and 17,600 are the lower-level targets for a downtrend continuation, with an extreme low at 17,470.
Chart 2 shows the composite session distribution profile is in the shape of a ‘B,’ with the upper POC being the mode (most traded level in this session) at 17,926.50. The lower-level POC is 17,848. The lower-level POC is in line with the resistance area shown in chart 1, near 17,850. A breach of 17,800 targets the lows of the session as well as the targets for downtrend continuation.
