July 14th

News for the day:

7/13 session: VAH 4541, POC 4530, VAL 4526

7/13 session: VAH 4541, POC 4530, VAL 4526

• A period excess

• gap range: 4521.25 - 4510.50 | 7/12 gap: 4497 - 4471.50

• NTPOC: 4531.50

• 61.8%: 4540, 50%: 4436, 38.2%: 4432.75

• settlement and the last price at 4543.50 and 4539.50 respectively

• Equity Put/Call Ratio: 0.48

• AAII Sentiment: Bulls 41 and Bears 25.9, last updated 7/21

• 4550/45 EV1

As of 5:30 AM CST, the OVN inventory is net-short as it has been trading below the settlement for its entirety

That said, I believe an IB close below 4545 might pressure this multi-day trend day

My pivot for today will be 4534

Scenario 1:

Fade 4545, or wait and see if we can make it to 4550. Targets will be the pivot and the VAL, aiming to fill the 7/13 gap, with the 7/13 low being a big obstacle

Scenario 2:

Fade 4516 back up if we get there, but monitor the price action around the day’s low for failed follow through. Targets will be the VAL, POC, and pivot

Scenario 3

Big if, go with the breakout of 4545, but will only take if there’s a pullback long around 4545. Targeting the day’s high, an NTPOC at 4556.50

As always ty Jontron