Friday’s new all time high in the ES saw price spike higher during the last hour of trade in the regular trading hour (RTH) session, leaving excess single prints in the market profile chart before retreating back to the point of control at the close.
If price does not take out this latest all time high on Tuesday and fills the gap from January 16th the odds increase that Friday’s high could be lasting. Gaps are a form of excess, if Tuesday’s RTH session opens with a large gap lower this also increases the odds of liquidation if unfilled, and could lead to a more powerful move down in price.
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