Another Inside Day, Small Trading Range




Another Inside day in the ES. Wednesday’s profile shows both a poor high and a poor low.

inside-day-inside-three-day-balance

After setting a new pit session all time high at 2400.00 on the June contract on Tuesday, the ES traded in a low confidence environment in less than an eight point trading range on Wednesday.

The range was so small Wednesday that odds are probably low of price opening within the range on Thursday. If it does, the prominent point of control at 2395.00, one tick below the session close, could provide early short term support or resistance, depending on which side it opens.




Acceptance above the POC should target the poor high at 2397.00 and potentially test the all time high at 2400. The all time Globex high is now at 2303.75. So far, even though they can last for a long time, every all time high that was created in an overnight Globex session had been revisited during a regular U.S. hour trading session.

Acceptance below the POC should target the poor low at 2389.25 and previous near matching low from May 9th at 2388.75. Balance trading rules could apply, look either above or below this balance and accelerate, look above or below and fail – returning back into balance targeting the opposite end, or remain in balance.

Price acceptance below 2388.75 could see acceleration lower, targeting the very prominent point of control from May 4th at 2383.75, and potentially retest the low of the prior multi day trading range at 2375.50. There are two gaps on the daily chart within striking distance below the market, from April 24th at 2374.00, and 2353.00 from April 21st.

(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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New E-Mini S&P 500 All Time High Made in Globex Session – U.S. Pit Session Flat

 new S&P emini all time high made in Globes session

There is now no excess at the highs on either the short, intermediate or longer term time frames. The daily chart has just a single tick of excess, the weekly and monthly charts both have matching highs at 2398.00.

While a new regular session was briefly made in the S&P 500 pit session on Monday, electronic trading in the emini market failed to take out the previous session’s high at 2398.00. However, a new all time high was made in the overnight Globex trading session, before the U.S. market opened, at 2403.75.

There has never been an all time high that was created in an overnight Globex session that hasn’t been revisited during regular U.S. trading hours. While there are high odds of the weak high from Monday being repaired, there is no time table for that to happen, if it’s going to.

Price couldn’t find real acceptance above the April (inside month) high at 2394.75 on Monday, closing the regular session at 2395.00. The 11 TPO wide point of control at 2394.00 could provide an early clue Tuesday as to attempted direction.

Potential trade scenarios in relation to Monday’s inside day:

  • Look above the two day near matching highs and accelerate higher, finding acceptance and new all time highs
  • Look above the two day highs, make a new all time high and fail, returning back into the prior range, targeting the opposite end and potential lower prices
  • Look below Monday’s low and accelerate lower/finding acceptance and potentially lower prices
  • Look below Monday’s low and fail, returning into the prior range and initially targeting the prominent point of control at 2394.00, then the near matching highs at 2398.00 (all time high) and potentially to new all time highs
  • Remain in balance (probably the lowest 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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