Mind The Value Migration

We want to keep an eye on the migration of value, especially now when we’re trying to decipher whether the most recent strength will sputter out, offering a quality short entry, or whether the market is taking a short pause, a wall of worry moment if you will, before continuing higher.

Last night’s session was nearly as balanced as what we observed yesterday morning, although much less docile, printing nearly an eight handle range.  Initially the S&P was weak into the late evening, but a bid came in near the European open and we moved back into the upper quadrant of yesterday’s action.   We have some important data coming out in a bit from the NFP that could get us moving.  The key take away from the current profile is where we set value relative to yesterday’s session.  The value did move slightly lower, but still within the value area from yesterday, showing little has changed in terms of market perception, and the momentum is still in the bull’s court.  Again, this could either change or strengthen post NFP.

I’ve highlighted a few areas I’ll be looking for trades and the above observations on the following market profile charts: