Review & Plan Jan 25th

The big move happened in the overnight session on Friday and the range stayed very narrow in RTH compared with the rest of January. There was aggressive selling as seen in cumulative delta, though this failed to stop buyers accumulating above the prior day's range.

The market opened on a gap higher and once the range gap was closed to the tick, this was a good opportunity to go long in the direction of the gap.

Volume was the second lowest of the month and was the lowest relative to NYSE volume. 

Year to date

The big bounce in crude was the main driving force behind Friday's rally:


Overnight so far the range is 1887.50-1904.25 versus settlement at 1899.25 on lower volume than we have seen so far this month, and could see an impact in volumes today due to the snowstorms in NY at the weekend.

The RTH chart below shows the naked VPOCs in range above and below:

My zones for today are below. The 1880.75-83.25 bull bear zone is going to keep me looking for longs above and shorts below the zone. Value has been moving higher for the past two days and with a lack of data today we may see some balancing and attempt higher. If Friday's RTH low is broken however, there's potential for a quick liquidation move to target the settlement gap at 1861.00.