The index futures are lower overnight, with the marquee S&P 500 weaker than the NASDAQ composite. Early on the momentum favors the short side, especially given the gap below in the NASDAQ. My expectation is for an early probe lower by sellers into the gap. I will look for buyers about half way into the gap from 3475 to 3473.75. Should they not present themselves, I expect trade down to 3472.25 (11/25 high) then 3469.25 (11/25 VAH).
At some point the gap trade higher may come into play, perhaps fueled by shorts in the hole. The overnight gap higher target is 3483.50. If the algorithms decide to run stops on any newly minted shorts, my algo upside target is 3489.50.
Long term auction is still in the control of the buyers but is aged. Yesterday was controlled by the sellers, and overnight the sellers retained control.
I have highlighted the day how I envisioned it above on the following market profile chart:
