Breakout Failure?

possible breakout failure

Overnight inventory was short going into Tuesday. Short covering saw price extend above Monday’s range but failed to see continuation, leading to a liquidation break back into the range. Possible breakout failure of the 2 day range.

Volume on the NYSE was low at 3.4 billion.

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ES rallies with CL, leaving poor structure

Thursday March 17 Market Profile

Thursday’s buying started from exactly at the lower end of Wednesday’s upper distribution at 2012, and following crude oil’s rally, continued buying throughout the day off off exact price levels. This can signify short term participants who are more apt to panic when price goes against them. Thursday’s structure left multiple anomalies along with two single prints. It also left a poor high (just one tick of excess) at 2036.75. It wouldn’t be surprising to see the market take out the high, then return into the previous range to revisit the prior buying areas.

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