Tuesday Prep

The market correction is now coming up to 3 months old, and prices remain about 8% off the all time high. On the above daily chart I've drawn a volume profile around the range extremes up to date which shows a fairly balanced distribution with prices currently rotating around the VPOC of that range at 2657.50. Earnings season so far has delivered mainly stronger than expected EPS and revenues, but we're not seeing much follow through in price. AAPL is the big one after hours today - given how weak forward guidance has been by Taiwan Semiconductors, this is going to be an interesting one to hear from Apple.

The overnight range is currently 2641.25-53.75, overlapping lower to yesterday. The double distribution yesterday is separated by the single prints highlighted and there was a poor low left. The top of the low distribution is at 65.25 and I would remain short term bearish unless this is broken and held above.