I see that last 2 days as Balance. Balance trading rules apply. Above us we have a Gap which is excess and 1418-20 area which I am treating as resistance. Below us we have the 1400 level which may act as support.
Last 2 sessions including the overnight is fairly balanced. We have a prominent POC from yday which has high odds of being revisited. Overnight inventory is all long. The trading question for this morning is do we open in or out of Balance and to what degree? Do we close the Gap above and fail - or do we close the Gap and accelerate. Those are the scenarios.
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