Market profile chart 12/6/16
A predominantly choppy trading session Thursday with a break lower in G/H periods forming a lower distribution below the C period low at 2192.50, repairing the poor low from November 22nd at 2191.75.
Price action, which was choppy in the lower distribution as well, did not close the upper distribution single print until the final 15 minute period at the end of the pit session, likely attributed to stops above the previous four period’s bars.
The point of control migrated lower in M period to 7 TPO’s wide at 2190.75, from and earlier 6 TPO wide POC at 2194.50. Value also migrated lower, ending the day below the previous day’s value area.
Early focus on Friday, depending on the open of the US pit session after the release of the monthly jobs report, is the last period rally high and upper distribution low at 2193.00. Acceptance back above 2193.00 could see price test the opposite side of the balance, at Thursday’s poor high (only one tick of excess) at 2202.00
The ES has been one time framing higher on the weekly chart for three consecutive weeks, Thursday’s selling did not take out the previous weekly low at 2184.75. Trading below that level on Friday will cease the one timeframing higher. Acceptance or acceleration below 2185 could target the very prominent point of control from 2180.50, and poor low at 2177.50, from the November 18th profile.
note – as trade begins a new month, there is somewhat substantial excess at the new all time high on the monthly chart.
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