July 19th

News for the day:

Building Permits, $TSLA, $NFLX, $IBM

7/18 session: VAH 4594, POC 4588, VAL 4568

• A period excess

• poor high

• single prints: 4582.75 - 4581, 4565.75 - 4563.75

• TPOC: 4576.75

• 61.8%: 4575.75, 50%: 4570, 38.2%: 4564

• settlement and the last price at 4587.75 and 4583, respectively

• Equity Put/Call Ratio: 0.50

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

• VIX expiration July 19th

My pivot for today will be 4534

I think today will be tough with how wide the value area is from yesterday’s session.

As of 6:00 AM CST, the OVN session is trading above the settlement price of 4587.75, which I will use for the pivot for today. There is also quite the ledge at 4584.50 and around yesterday’s last price at 4583. A break below might trigger some stops and take down quite far

Scenario 1:

go with the breakdown of 4584 targeting the TPOC and possibly the 50% retracement at 4570, which coincides with the VAL at 4568

Scenario 2:

If scenario 1 does happen. I will watch for a hold of 4570 or lower around 4564 to trade it back up.

Scenario 3

If the pivot holds early on. I will target the poor high up to 4600 and possibly 4625

As always ty Jontron