Another New Record High. Anomalies, No Excess on Daily Market Profile TPO Chart

A gap open higher Wednesday with mostly long overnight inventory adjusted after the opening bell, as price traded back into the prior day session range.

another new all time high in the ES

Traders drove price lower through Tuesday’s wide point of control and close, but reversed in C period after trading into the lower excess from 9/26 by only one tick.

split view profile of probably short covering rally
split view profile of probably short covering rally

A late short covering rally exploded to another new record high, leaving another poor high with no excess in the profile at 2509.25.

The F/G period low was questionable at 2495.75, being exactly at the prior session’s close, and the profile left multiple anomalies, again suggesting the session was dominated by mostly short term traders. Price will often repair at least some of the anomalies in a future session, if not the next.

Value was overlapping to higher, but Wednesday’s point of control did not migrate higher with the rally.

(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)




Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: 

Balanced Day, Poor High, Questionable Low

Balanced day Tuesday with overlapping to mostly higher value. Price traded to a tick above the prior day’s high at 2501.25, leaving a poor high in the profile. The low at 2492.25 is questionably weak as it was just a single tick below the prior day session’s half back level and two ticks below the overnight session low. A poor high and weak low suggest day time frame and short term traders were in control. Both levels have good odds of being revisited in a future trading session.

balanced day poor high above prior half back level
Market Profile chart showing poor high, wide point of control and questionable low at prior day’s half back area. The high is also a “weak” high, because it was only a single tick above the daily high from 9/22.

If price opens within this range, early references are the CME settle at 2495.50 and the 10 TPO wide point of control at 2497.25. A breakout from either side of the balance could have better odds of continuation if price first trades back to or near the wide point of control.

Potential trade scenarios could also see a look above or below the balance and fail, targeting the opposite end, or remain in balance (probably the lesser odds).

(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)




Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: 

5 Day Balance Following a Small Range, 4 Day Balance

5 day balance

A 5 day range in the ES following a small range, 4 day balance. Potential balance trading scenarios that could play out regarding Friday’s small 6.5 point range:

– Look above 2501.00 (and the wide POC from 9/21 at 2501.25) and find acceptance, targeting the high at 2504.50 and possibly the all time high at 2507.25.
– Look above 2501.25 and fail, reenter Friday’s range targeting the prominent point of control and probably the low at 2494.75.
– Look below 2494.75, accelerating through the prior weekly low at 2494.00, finding acceptance and reentering the lower distribution from the 9/15 profile at 2493.75. Acceptance below that level targets the poor near matching lows from 9/13, 9/14 and potentially the unfilled gap from 9/11.
– Look below 2494.75 and fail, return back into Friday’s balance targeting the wide POC and Friday’s high, and possibly the 2504.50 high and all time high.
– Remain in balance. Probably unlikely.

2494.00 could be a go-no go level to for price exploration to the downside. Acceptance below that level stops the one timeframing higher on the weekly chart, and would be a break out of balance to the downside of last week’s range. The lower end of the prior 4 day balance and gap would be the initial potential destination.

4 and 5 day balances with small daily ranges

(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)




Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: