Midday Commentary: April 20, 2026 $NQ $ESE-mini S&P 500 Futures (Jun 2026)CME_MINI:ESM2026JP_MarketProfile📊 Midday Commentary: April 20, 2026 The bulls hit a speed bump today after a gap down during Globex. While we managed to close that gap early, the RTH session has shifted into a long liquidation phase. Here is the breakdown of today’s auction so far: 📉 Intraday Scoreboard The bears have taken a commanding lead as we head into the afternoon: NQ: Leading 7-1 (OTF Down, IB Extension, Single Prints, Lower POC/Value). ES: Trailing at 5-1 (Lacks single prints and the same percentage weakness). 🔍 Market Development After taking out the Overnight Highs right at the open, momentum stalled. C-Period finally broke the IB low with authority, putting NQ's daily chart back into a Balance phase. We are currently seeing a classic "b" shape profile forming—this is typical of long liquidation (profit-taking) rather than aggressive new selling. 💡 The Big Picture Context is king. After last week’s massive run, a pullback is healthy and expected. This looks like the "pause" we discussed, allowing the market to digest recent gains. 🎯 Afternoon Plan We are monitoring the completion of the "b" shape. Look for the bears to defend any attempts at an Afternoon Rally High. Stay patient; let the auction develop. NOTE: By the time of posting, Period-G had already stopped the OTF Down and is the potential Afternoon Rally High. Precision through Context. If you found value in this analysis, consider supporting my research or booking a private consultation to dive deeper into your own trading strategy and pick my brain. https://ko-fi.com/jpmarketprofile For real-time updates and more in-depth education: Follow me on 𝕏 (@JPMarketMap) for live market MGI throughout the session. Context is everything. Be safe and trade well.