Running on Empty
Tuesday Pre-market Missal
Image 1. Friday, Monday holiday, and ETH profiles
Day Plan
Overnight inventory is net short as of writing, with Europe initiating a sell into 4500, below Friday lows. Delta suggests trapped buyers above 4516. This coincides with Friday M-spike base which will serve as the daily pivot.
Buyers will want to defend from a break of ONL and OTFD (from Friday) if possible. I am not counting the Monday holiday trade as we trade match on Tuesday. Sellers prefer to keep a lid on Friday close around 4523.
a) Longs closing above ONH will target Friday IB mid 4534 then 4543-48. Momentum above the latter (break of balance) is needed for the ultimate goal to test 4554. A break of that gates to higher targets. Buyers LIS for the day is 4485.
b) Sellers want to see a close under 4505 to target 4496, 4485 - where patient buyers may step in. Further below is 4470 which opens to targets lower.
c) I favor a slight lean to continued balance at least until Wednesday’s session - anticipating two-way trade. Don’t play the middle! AAPL over 190 can be supportive of buyers, as well as TSLA over 254 for another short at 260. Finally, NVDA over is another good risk-on proxy; under 278 sellers in the indices may aim for downside targets.
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