Pre-market Missal
Monday September 11, 2023
Today’s Missal
I have rolled over to December contract ESZ23. Like many traders, I do not adjust my levels as you may find they remain consistent references over time. For more detail, refer to yesterday’s (September 10) Weekly Review and Outlook.
In this market I generally give the bulls an edge following contract rollover. Mind the gap below, with September settlement price of 4461.75. Today’s pivot is 4523.
TSLA maintaining above 260 could support to the indices, on the other hand a fail of this level could see sellers put on pressure. Buyers likewise want to see VIX stay under 14.8, as well as AAPL maintaining 180 which has been a key battleground area.
Buyer scenario. A close above pivot in IB can support upside tests - a strong break of ONH with momentum would then target 4539/40, 4547.75 PWH. Note the 4H FVG above.
Seller scenario. Sellers would like to see price brought down under 4517 which could target the ONLs. A break of 4501 (with gap below) targets 4490 where buyers may step in. Further on is 4485, or a repair of last week’s structure to 4476.
Notes. We may see some balance with a slight bias to upside ahead of CPI on Wednesday which will very likely bring volatility to the markets.
Image 1. Prior week profile and daily profiles.
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