Tricky Spot
Thursday's candle closed above the prior day's high, reaching the weekly SIBI, overnight in the Asian session the price rallied, consolidated in London, and Reversed In the NY Session
4hr market structure is still bullish but at the top of the range creating a bearish reversal with high volume that created a bearish SIBI retesting value area high or the 4hr trading range/4hr Fixed Volume profile the 4hr bullish bars that traded away from POC showed an increase in volume but the bearish volume was higher
m15 has two potential areas from long at 20,271.00 or at 20,140.00
but I'm being mindful of the 20,406.00 to 20,362.00 level that can act as resistance causing longs to get squeezed out of their positions
I will review what happens overnight
Since NQ is typically correlated with ES I will monitor both for direction confirmation and divergences and convergences
4hr market structure is still bullish but at the top of the range creating a bearish reversal with high volume that created a bearish SIBI retesting value area high or the 4hr trading range/4hr Fixed Volume profile the 4hr bullish bars that traded away from POC showed an increase in volume but the bearish volume was higher
m15 has two potential areas from long at 20,271.00 or at 20,140.00
but I'm being mindful of the 20,406.00 to 20,362.00 level that can act as resistance causing longs to get squeezed out of their positions
I will review what happens overnight
Since NQ is typically correlated with ES I will monitor both for direction confirmation and divergences and convergences
Note
4hr: price is still above the 4hr VP POC looking to violate 4hr SIBI, although it had a high bearish volume
it seems it could have been absorbed as the price shows
support that could be a sign that buyers are still present
m15:London took out Asian low and high shifting from the NY PM session that flipped bullishly
which supports the narrative of prices going higher
the question is does NY pull back for an entry before reaching the high, if it doesn't then sentiment can change
if the target is reached first and then the price pulls back
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