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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ES Rallies to April High, Fills Gap, Leaves Poor Low in Market Profile Chart

Coming into Monday’s regular session, overnight inventory was net long, in addition to long inventory from the previous regular and Globex sessions.

Price staged a low volume rally on the open, trading above Friday’s upper balance from its “P” shaped distribution on the Market Profile chart, filling the gap from 5/16.

short covering rally to prior monthly high

After leaving an early poor A/B high, price chopped around above and below Friday’s high through E period and left a poor A/C period low before eventually trading higher to just two ticks below the April high in M period. The point of control migrated higher with price, value was also higher on the session.

Price remained below April high (inside month) at 2394.75.

Monday’s pullback low at 2389.75 could be of little significance due to the very small range for the day (less than 9 points), but if price opens near and finds acceptance below the POC at 2391.75 on Tuesday that level could provide short term support, although the focus and destination could be on the poor low at 2385.00.

If the market finds acceptance below the poor low there is plenty of recent poor structure below in need of repair –

– Friday’s (5/19) late pullback low at 2378.00 was exactly at the overnight high from that session
– Seven points of excess single prints from Friday’s opening period
Multiple un-repaired anomalies from the 5/18 market profile chart around 2363.50, 2361.75, 2358.75.

Price acceptance above 2394.75 (April high) targets the back to back prominent points of control at 2398.75 from 5/15, 5/16 and could potentially test the recent all time high at 2404.50.

ES Gap Fill Near Prior Monthly High

Note: At the time of this posting there was a potential terrorist attack in Manchester, England, and more “alternative facts” and obstruction of justice allegations from US President Trump reportedly leaked. Significantly emotional events could cause severe volatility in global markets.

(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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