The markets were fairly quiet overnight and staged a small rally in the early am hours which is how being faded back. Price is consolidating ahead of the US open and I suspect more chop is in store before we see any directional conviction today.
We are currently trading near yesterday’s VPOC which tells me little in the way of development occurred overnight. Instead the markets seemed to tread water, waiting to hear the next development out of the United States.
Early on, buy flow has a slight edge and if the market can put in a higher low here premarket we may get some additional vertical development by the bulls. Overall however, the situation has become much more choppy and indecisive.
I have highlighted a few scenarios and key levels on the following market profile charts:Twitter