Quiet markets overnight mostly. The Euro dollar made a strong move overnight which is interesting because it has been resting at a multiyear bracket high. It will be interesting to see if this currency’s strength has any correlative effects on US equities.
Overnight profiles in the /ES and /NQ suggest a relatively balanced trade suggesting any news flow overnight was either expected or non-material or never happened at all. We are seeing a bit of selling creep onto the tape as the USA comes online, and it will be interesting to see if the sellers can gain any traction at these elevated index levels.
Yesterday we printed at poor high at 1717 which clues us in we may see higher prices in the near-term. We also saw a huge flow of aggressive buying into the closing bell get absorbed with ease by a passive seller. This suggests the power is starting the wean as this bull presses on.
I have highlighted a control zone today on the profile and I think whichever party best dictates price around this area and is able to press from this area will gain control today. I also highlighted a few other key price levels and potential scenarios on the following market profile charts:
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