ES: 04 Sep

While the extended consolidation often leads to stronger moves, it's too soon to call yesterday's downward action a definitive directional change. The drop could be attributed to month-end "window dressing," where adjustments are made before closing books. Typically, there's a hangover effect that lasts a day or two after such movements. Moreover, this week is loaded with important economic data releases, adding to market volatility. Powell's recent comments about inflation being under control shifted focus to employment, with key data on jobless claims due tomorrow, which could influence market sentiment.

Yesterday, the overnight session attempted to break above a multi-day balance but quickly reversed, triggering a "look above and fail" scenario. Key levels were swiftly breached, and the market saw a breakdown, tagging the HVN at 5530 and leaving behind a triple distribution profile with three sets of single prints.

The overnight session continued to show weakness, with attempts to fill the gap between 5526.5 and 5487.5, though 5510 has held as support so far. The market's reaction to today's data and Europe's opening will be critical. PD Value area low is at 5540.5. Hence, a move above (or acceptance within the previous day cost basis) could lead to a "repair" of the poor structure, targeting 5602. However, if the market stays below PD VAL (Or cannot enter PD cost basis), gap filling down to 5487.5 is possible. The market's response to the upcoming data will be crucial in determining the next move.

https://www.tradingview.com/x/MZSBVpRe/

The problem is this
CE PE dono level pr ache se consolidation kr rhe

Move toh aygea kisi side wo bhi masttt ,

CE ARE THE WINNNNNNNNEEEEEEEEEERRRRRRR

VPOC > TPOC. Means good distribution. Despite spending less time above, higher volume.
Let's see if this price stability invites more longs and buying pressure, or the late longs get nervous and we see a flash sale.

Crude:
CMP is below the point of control (Resistance zone) and above this is singles zone, where we have trapped longs. Expect Resistance. Unless we cross 70.2 taking longs is risky.
If I have to trade, will observe for reaction at 70.1-70.2 and then decide which way to go.

NQ, with price above the substantial cost basis is looking stronger than ES. VPOC and TPOC are nearby, means buyers and sellers are converging over time and volume.
But the volume during the 14.5 hours of ON can be done in less than 30 mins in the RTH. So anything is possible

What a miss! Gold was a good short. See how the VPOC shifted right from top to the bottom. Good accumulation