[Soultrader]

Here is a good example of an overnight support. The markets trade right below value low just to find support to push prices back into value.

Take a look at the long red bar at the far right edge of the chart. The tall wick shows price rejection below the value low pivot. This will be a key pivot to watch going into the trading session. If the premarket action does hold this pivot, this is a good indication that price will not trade below the value low pivot. Also, instead of shorting the break of the value low pivot, you need to understand the globex low made. This will act as support.

A safer setup to trade the break of the value low pivot is to short the break of the overnight low.