The S&P E-mini saw an open-drive lower to begin the week after a weekend of nationwide protests ignited by Trump’s Executive Order on immigration on Saturday. Price accelerated lower from the opening bell, repairing the anomalies from the stretched out January 24th market profile chart.
Often, a gap open lower on the weekly chart could signify the beginning of a new short term trading range. Also large gaps are seldom filled the day after they’re created. Depending on Tuesday’s open, the first area of potential resistance is Monday’s late rally high at 2277.00, which is also the prior emini all time high from January 6th.
Failure to find price acceptance above 2277 could keep pressure on the recent longs and attempt to repair the January 24th poor low remaining at 2262.00, and potentially test the prior trading range lows at 2251.75 and 2248.50, but the odds probably favor more of a balancing day ahead of Wednesday’s 2pm ET FOMC Meeting Announcement – barring any more Presidential Executive Orders.
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