The S&P 500 emini futures rallied to just four points below the December contract’s all time high at 2184.50 in its overnight session, but came off the best levels as the pit session opened with just a small 1 1/2 point gap above its previous high.
Market Profile chart split view:
A volatile opening 30 minute period saw price rally sharply 11 points higher but quickly declined, reentering Wednesday’s upper distribution in B period and accelerated lower through C. The 30 point decline left a poor C/D period low at 2147.75 before reversing through almost the entire 30 point range.
Value finished the session as overlapping to higher from the previous day, and the point of control migrated higher with the recovery rally to 2169 before ending the session 8 TPO’s wide at 2166.50, one tick below the pit close at 2166.75.
Thursday’s close and point of control at 2166.50/75 are early references for Friday. Acceptance above that level could see price test the rally high at 2175.50. There is no real excess on the December contract all time S&P emini high at 2184.50. If price can find acceptance above 2175.50 and Thursday’s high at 2178.50, the all time high could be the destination.
Failure to find acceptance above Thursday’s close/point of control could potentially see price retest Thursday’s poor low at 2147.75.
(the above post and all posts on es-traders.com is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. Please read our disclaimer
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