Market Analysis

I haven’t done one of these in a while so bear with me. No pun intended. Today we auctioned down. Inventory was long overnight and we got a brief stop run @ open to blow off some inventory. From there we learned that the IB high was 5665.25 which ended up being high of day. After that move we washed 5650. I thought we would have maybe tested 5650 again to see if become resistance but too much supply pushed us even lower. Got some short covering at 5625 which was previous day VAL. You could have scalped right there if not cool. Once i saw selling hitting tape earlier in the day i was wondering if we would wash the 200ema or even 5600. Both got tested and provided some good trading opportunities. When key levels do areas like that come into play you must play the stop runs at these levels. Everyone is watching it so must shake weak hands out and get inventory even cheaper. Value migrated lower and POC moved lower. 5582 is VAL. We had a close below 5600 👀. POC is 5598 basically 5600 which will be key going forward. we either accept above 5600 or open above it and run stops higher or it becomes resistance. HVN @ POC(5600). VAH is 5636. open was 5658. most likely will open below open and IB low. do we open in todays value and accumulate? bulls wills need to hold open tomorrow and 5600. bears need to defend 5600 and get dis below VAL wit decent volume. IB low was 5634.25. we are below 200ema so another point where bulls and bears will battle. stops are higher but inventory been so long and wit a close below 5600 we could see some more supply