We have been profiling sellers all week in the futures, sellers who have been especially active during the globex session. It made sense to have an expectation for selling given the rapid ascent of the NASDAQ index and the unfinished auction business it left behind in its wake.
We have been observing a very balanced profile with a naked VPOC just below our recent trading activity. It was a logical target for sellers and the auction process. A throwback to the pricing allows the marketplace to assess the force that originally existed at these prices to determine if demand still exceeds supply forces.
When the news hit the wires about Facebook and purchasing What’s App we saw a quick move lower in the after hour session. Since then, it has been a back-and-forth rotation with sellers in control of the short term timeframe.
I do not have a clear read on the intermediate term control. I am attempting to see balance on the intermediate term, but I do not see it. I see sellers somewhat having an edge, but only if they can press lower through today. We are set to open near the slip zone, a set of single print TPOs from a very dynamic move higher.
Between us and the slip zone is the very low volume node at 3635. Should this level breach, I will be looking for weakness to cut out of my book.
I have highlighted this level and a few other observations on the following market profile chart:
scenario 2 in full effect, nudging value higher, I am interested to see if sellers get aggressive again this afternoon. Their powers are so much more visable in the pre market and afternoon market lately.
Interdigital…rocking my world this am 🙂 ))))
oh yeah
OESX? I just started building a position.
great company, I am solid red on my first piece
rvlt resting on top of triangle. danger will robinson. a re-entry and sub 3 will happen quick.
it’s my lagest position by far…time to dance
your hunch is right…facebook is going to rip all year.
It’s could get pretty funky if it keeps ripping. Very extended, but logic is optional when stocks get the right mix of momo mojo