Short and sweet to=Friday. The tape is stuck in a box it built overnight and refuses to break out of it. ES is trading inside the Globex value area with no conviction, NQ is hovering near its print but under last week’s high, crude slipped under Thursday’s floor after a wild session, and gold is chopping between two POCs. No strong read on any of them yet. We are looking for reactions at the edges, not predicting the middle. If the market wants to trend, it has to break these cages first. Until then, we watch.
The Tape
ES sits at 7722.25, inside the overnight value area of 7713.75 to 7738.00, just above Thursday’s VAH. The night opened low and ran high to 7739.25 before settling into that cage, while Thursday sold off from 7713.50 to a 7680.50 low before closing back up at 7707.25. Price is currently testing the upper half of the overnight range, with the 7734.25 POC acting as the immediate magnet overhead. Below, the 7713.75 floor holds the line against Thursday’s close. If it loses 7713.75, the path opens to 7708.75, then 7694.25.
