ES Rolls to March Contract – Trading at All Time High

At the time of this post, the ES has already traded above the last regular session’s all time high at 2255.75 (March contract) in the overnight session Sunday evening. While all time highs made in the 24 hour session can last for quite a long time, to date they have always been revisited during a U.S. pit session.

December 9th Market Profile, March Contract

Friday’s profile was a double distribution. Depending on where the market opens, an important market profile trading reference could be the base of the late day spike at 2250.00 (March contract), the single print separating the upper and lower distributions.

Acceptance back below 2250.00 could draw price back to Friday’s wide point of control at 2247.50 and potentially test Friday’s low at 2242.50, a mechanical low just two ticks above the prior session close.

The profile structure below the market is weak, including the December 8th low exactly at that previous day’s close, and the long, stretched out anomalous profile from December 7th.

While the profile structure is poor and has good odds of being repaired, the market is still in an uptrend on all time frames, and would have to trade below Friday’s low (2242.50 March contract) to at least stop the one time framing higher on the daily chart.

(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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Mechanical Buying Continues Rally

Buyers rallied price off the previous day’s close from the B period low and again off the open price at the E period low, blasting the S&P 500 emini futures to yet another new all time high at 2251.50 in the December contract ahead of rollover.

If price can find acceptance below 2242.00 Thursday’s E period low at 2239.75 and low of day at 2236.75 could be tested, followed by Wednesday’s upper distribution low at 2231.25.

At some point price will repair some or all of the multiple anomalies left from the November 7th stretched out profile. Carry that information forward as potential price destinations when the market corrects.

(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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