The key takeaway here is the importance of what didn’t happen. After the heavy liquidation on 03 Sept and with 12 days' worth of inventory overhead, many expected the market to fill the gap from 15 Aug (5487-5421). However, instead of a straightforward continuation downward, the market saw two-sided activity, often indicative of a market processing a prior breakdown. A poor low in the first hour hinted that supply had dried up, leading to a brief short-covering rally, but it didn’t last long. Sellers struck back after filling only the lowest of the three single prints from the prior day, marking the day's high at 5562.

Later, consolidation occurred as value was built lower, with the Prominent Point of Control (PPOC) developing above the gap zone. This reinforces the initial point: the lack of a full gap fill is more significant than it might appear.

Looking ahead, the bearish scenario would involve staying within this consolidation zone, paving the way for further downside. On the other hand, holding above the VAH at 5546 could signal strength and potentially trigger a reversal setup.

For today:

Bearish outlook: Holding below 5546 (PD VAH) indicates weakness, with a target at 5535 - 5515 and potential for a full gap fill down to 5487.75.
Bullish outlook: Sustaining above 5546 could prompt a clean-up of Tuesday's poor structure, starting with the singles at 5567, followed by clearing the low volume zone between 5570 and 5578, leading to targets at 5584, 5594, and 5602.

check this acha lag rha now

NQ: 05 Sep

LIke in ES, What didn’t happen yesterday in NQ is more crucial than what could have. Despite significant overhead inventory, the market found support at the lows, aided by trapped shorts in the small gap between 18800 and 18770. This created a buffer, preventing a larger selloff, and we saw solid buying near the lows.

Key levels to watch:

Bullish scenario: Holding above PD VAH at 19050 could trigger upward rotation, targeting singles at 19240. Clearing this level opens the path to 19415.

Bearish scenario: If the market sustains below PD PPOC at 18970, we could see a gap fill toward 18870, with 18635 (PPOC) as the next major level.

With crucial employment and jobs data due today, the market's reaction will largely depend on how these numbers come in. Any surprises in employment reduction or jobless claims could drive significant moves, intensifying either direction.

Same response at the gap (5515) in ES: The key to look below and fail is to find trapped shorts—and take them to cleaners: Just like in this case!

Can book some. And Baki hold with tsl 51420

T1 done⚡️

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