February 29 Market Profile Graph Recap

Monday Feb 29The ES tried to stage a rally after 3 periods of chop Monday but failed to pull it off amidst a morning full of less than stellar news reports. After taking out the early poor low at 1941 the market plummeted 14 points further to 1926.50, 30 points from the high Although the point of control had migrated higher in J period it could not produce higher developing value or get above Friday’s value, ending the day with yet another strung out profile with many anomalies.

The single print at 1939.50 and the prior weak low at 1941 should be referenced, as failure to trade back above that area could bring more downside continuation. The 6 wide POC at 1949.25 is of less significance since the day ended being a trend day to the downside. Acceptance back above 1941, and the previous range high at 1943.75, along with developing higher value could result in short covering.

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Feb 25 – ES follows crude rally on Thursday

feb 25

The ES is now strung out to the upside as it was strung out to the downside on Wednesday. Late in the day the 1943.75 resistance was taken out, which could now become support to shorter term traders. But the market is strung out with many single prints and anomalies below. Does it continue the upward short term trend or look back into the previous range?

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