Key takeways:
Not much changed in overall outlook, session’s metrics look even more chaotic which is normal during few sessions in a row with “signal”=0. Having said that, we have fourth session like that, which means breakout is within 1-2 sessions max. Hopefuly it’s not today as “signal”=0 which means no trading - for me max 1/4 of position again.
Not looking for shorts. Only high quality longs if any. There are some cracks in bullish picture thou (read notes). Holding on with my swing longs, not reducing, not adding today.
Resistance: 5300 area (withing about 5 points), in case of breakout 5330 area
Support: 5260-53, in case of breakout 5237 (unlikely).
Notes/Observations/Issues:
Tomorrow’s dealers matric (blue dotted in terminal) negative whole night. It means there is a crack in options flow which might be used by bears to attack. If this holds until about 11:30 AM EST I will not look for longs anymore because there might be a bearish attack.
GEX levels are messed up (Max2 is below Min2 etc) - this adds to chaos picture but also shows that tomorrow’s options flow has that bearish vibe, which confirms what I mentioned above.
Another bullish singleprint in overnight, this time reacted precisely at yesterday’s VAL.
Pre-Open Commentary distills key takeaways from the analysis of the London GEX and Structure posts and also serves as my personal journal (sort of).