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.
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