All trends remain up and the market is still one timeframing higher, price did not trade below Tuesday’s low and ended Wednesday’s pit session as an inside day.
Depending on where the market opens on Thursday, balance trading rules could apply – remain within balance, look either above or below balance and accelerate, or look above or below balance and fail.
Acceleration above Wednesday’s high should challenge the all time high at 2356.00, which is also a poor high. If tested, will price find acceptance above 2365.00 or return back into balance?
Price acceleration below Wednesday’s low at 2355.75 will stop the onetimeframing higher on the daily chart and could test Tuesday’s low at 2352.75, and could also attempt to fill the gap from February 15th at 2351.00, as there is no clear evidence of longer time frame participants in the current market. Additional lower price references were noted in Wednesday’s market profile recap.
Wednesday’s profile left a very prominent point of control at 2360.75, where all but one thirty minute market profile period traded through it. If there is to be a break out of balance from the inside day and two day balance, the odds of continuation should be greater if price first trades at that point of control. Support at the point of control increases the odds of a breakout higher, resistance at the point of control increases the odds of a breakout to the downside.
S&P Emini Daily Chart – one timeframing higher with four gaps under the market:
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