ES Grinding Higher, Back Near Record High

ES one timeframing higher near record high

Wednesday’s early trading session opened two ticks above the prior range and failed, returning back into the range. But with anemic volume and just a 3 1/2 point first hour initial balance price could not find acceptance below Tuesday’s very prominent, 12 TPO point of control. The market remained in that small range until the release of the Fed Minutes in J period, but the total range for the day was less than 8 points, following Monday’s 7 1/2 point range.

For the second day in a row the market found early support at the previous day’s point of control, a very visual short term trader’s reference. Short term traders do what works until it doesn’t work anymore – acceptance above 2398.75 on Thursday should easily test Wednesday’s close at 2401.50 and probably 2404.00, Wednesday’s high, and challenge the latest all time high at 2404.50.

Price acceptance below the prominent 11 TPO wide point of control at 2398.75 could lead to a test of Wednesday’s low. Trading below 2396.25 would stop the onetimeframing 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. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)




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ES flirts with new all time high, shrugs off bad news and data

ES small range profile with higher value, wide point of control
ES small range profile with higher value, wide point of control

The ES traded in just a 7 1/2 point tight, balanced trading range on Tuesday. Balance trading rules could apply on Wednesday, depending on where price opens:

– Look above Monday’s poor high at 2399.50 and accelerate/find acceptance to potential new all time highs
– Look above Monday’s poor high at 2399.50, repair the poor high and fail, returning back into Tuesday’s range and targeting the opposite end and potentially lower prices
– Look below Monday’s mechanical low at 2392.00 and accelerate/find acceptance, attempt to repair Monday’s poor low at 2385.00 and potentially lower prices
– Look below Monday’s mechanical low at 2392.00 and fail, returning back into Tuesday’s range and targeting the poor high from Monday and possibly higher prices, including an attempt at another new record high.
– Remain balanced. Probably the lowest of odds because of the small range.

(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. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)




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