Overnight is balanced but below yesterday's value range.
I will be watching the overnight range to see if a test of
prior days high or prior days low is going to be in play.
Any move past these test levels is a strong indicator of
the day move to the other side of a multi days range.
Opening action will tell me lots about the possible
unbalancing trade.
The values above is pre 8:30 and I think the idea still makes perfect sense