Nasdaq futures drifted lower overnight and prices are currently trading just below yesterday’s value area low yet inside prior day range. There is not much economic news scheduled for our regular trading hours, but we do have JOLTs Job Openings at 10am.
Price on the intermediate term came into balance with Friday’s session, and the key now is to examine whether prices sustain balance on the intermediate timeframe, continue a 1-timeframe higher path, or instead start a new swing down. I have noted my key composite levels, but the actual volume profile pictured only encompasses the intermediate term balance of the last two sessions:
Yesterday may have felt weak in the market, especially if you tuned in during the mid afternoon when we traded below initial balance. However, prices traded higher long enough for volume to migrate a touch higher verse Friday. The sellers will need to press a bit harder to gain control of the short term auction, or even to put us into balance. For now, the short term is buyer controlled with a likelihood of prices coming into balance. Keep in mind, anything is possible:
Scenario 1: test higher, find sellers just below overnight gap fill at low volume node 3792 then rotate down through overnight low (double bottom 3784.75) and take out the poor low at 3781.25 and possibly test VAH at 3778.50
Scenario 2: fill overnight gap on test higher, sustain trade above responsive buying tail at 3787, rotate up into thin volume pocket above value area high at 3797 and take out poor high at 3803
Scenario 3: test lower, find responsive buyers initially at overnight low 3784.75, rotate higher but unable to sustain trade above VAL 3788.75 and begin testing lower through poor low at 3781.25 and into 06/05 value
scenario 2 very much in play
who did this just yesterday..(?)
06/09/2014 YOU BOUGHT
END ENDEAVOUR INTL CORP COM NEW
Cash Shares: +* Price: $1.09
also added lot here:
06/05/2014 YOU BOUGHT
END ENDEAVOUR INTL CORP COM NEW
Cash Shares: +* Price: $1.6499
http://youtu.be/Q1p_zB4fuuQ
no ‘Chump’ change..
😉
nice knife catch SOoz, wowza