I really hate when this happens. I was dead to the world this morning and I over slept. I guess yesterday’s follow-up appointment with my doctor took a lot more out of me than I previously thought! By the way, I did not get to post my recap yesterday since it was a shortened trading session for me and I had to leave for an appointment. I will put that up sometime between the end of day today and Saturday.
Today’s Trade Plan
The opening print was just below the range low from yesterday. I would have looked to see that range gap closed early (especially since overnight inventory was about 90% net short) on the counter auction to the overnight inventory. Scenario 1 below shows how that might look.
In scenario 2, I still have the range gap getting filled but I have more resistance at the value area low range from yesterday. From there I see the price moving back outside of yesterday’s range and a continuation of the repair of Monday’s chart.
Scenario 3 continues along the same line of scenario 1 but diverts when price fills the value area from yesterday. Then as earnings reports continue to be digested by the market (and if those earning reports don’t entirely meet expectations) then we will start to see a sell off in the later half of today’s trading session.
I’m late so I am going to keep this short and sweet. Have a great trading day everyone!