We have some premarket data coming out which may materially affect the conditions of the marketplace.
Equity futures have been quiet overnight through some macro moves in currencies and metals. It is likely the market is waiting to hear the 8:30am ET data before deciding on a direction for the morning. The long term auction is controlled by buyers who can be seen grinding price higher along our upper ATR measurements (Bollinger Band, Keltner, etc.).
The intermediate term auction is still controlled by the buyer. When the fast move occurred yesterday afternoon, I initially thought it threw intermediate term back into balance, but assessing the action in my calm morning state I can see we made a higher low. Buyers still hold control unless they fail to make a new swing high. I have highlighted some key areas on the following micro composite of intermediate term volume profile:
The short term auction is balanced. We can see value beginning to overlap prior days and no clear victor on the short term. I have noted some interesting observations on the following market profile chart: