Market Profile daily chart showing five day balance below 2398.00 all time high:
All time frames are now balancing, as March ended as an inside month. The rally is tiring.
ES monthly chart
Markets seldom go from bull market to bear, or from bear market to bull, there is often a balancing period in between. The weekly bar chart has been balancing for some time, with two gaps below current price:
ES weekly chart
Monday’s regular hours session low at 2380.75 was very mechanically just one tick above the previous settle and one tick below the prior day’s prominent point of control. Exact levels like these have high odds of being revisited.
Price acceptance below Monday’s low targets the five day balance low and gap fill from April 24th at 2374.00. Acceptance into the April 24th bell curve, balanced profile targets the poor low from that day at 2365.75 and potentially the gap fill from April 21st.
There is not much excess on the all time high, and the psychological 2400 level has not been reached in the June contract. Price acceptance above the five day balance high at 2394.75 (April 26th poor high) targets the all time June contract high at 2398.00.
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