Key takeways:
Interesting session ahead. This situation happened only once since I started recording all the metrics (see notes).
Two forces collide, day before Easter weekend. If not for bullish overnight options structure I would definietly look for shorts, but at this point I need price confirmation and structure break-down.
It means, most likely, I will look for shorts if price can trade below 5286, then retrace few points into 5290 area. At that point I would look for intraday short + preferably with ofl confirmation. If we don’t break down overnight structure as mentioned above, I don’t think I will engage at all.
I will monitor how the metrics will look at today’s close as I assume that this bearish window is just single-session one, and won’t impact my bullish swing position. But that is to be seen.
Resistance: 5312, 5332-42
Support: 5289, 5280, 5260
Edit: obviously forgot to mention, GDP data today.
Notes/Observations/Issues:
This particular trend-phase setup happened only once in my recorded history, if this pattern repeats - so rally until early stage of RTH, I might look for short even without a confirmation of structure breaking down mentioned above:
Some orderflow support and resistance close to each other (rare), upper one already seems to be exploited, lower one 5296-97 will provide scalp opportunity:
Orderflow study changed to green dots (bearish for June contract):
Price is already in overbought territory on options ladder.
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).