Inside Day Below All Time High

Inside day to begin the week following the latest all time high last Friday. It is the third inside day in the last five regular trading sessions, emphasizing the current low confidence trading environment. Monday’s profile repaired the anomalies in the previous regular session’s profile.

inside day below all time high

There are six ticks of excess above 2579.25 on the market profile chart below the all time high at 2580.75. Acceptance above Monday’s high at 2577.50 could test that excess and the possibility of another new all time high. Acceleration/acceptance below Monday’s low at 2565.50 targets last Friday’s low at 2563.25, with the prominent naked point of control from 10/26 at 2560.25 and the low at 2555.50 within striking distance.

The prior week closed as an outside week to the upside, trading below the previous week’s low and closing above its high,
which could be construed as positive for higher prices. However, Monday’s price action did not test the weekly and latest all time high, and with value and the point of control developing lower, instead left excess at the high.

President Trump is expected to announce his choice for new Federal Reserve Chairman on Thursday, November 2nd, which could bring severe volatility to world markets. The odds might favor more of a balancing market until then, barring of course any other new major news events before that, including any unexpected surprises about President Trump’s alleged collusion with Russia or his tax reform plan, or North Korea’s nuclear missile program.

(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: 

Early Liquidation Break Ends Weekly One Time-Framing Higher, Short Covering Late

early liquidation break, short covering late

Early selling at the open intensified as price repaired previous multiple poor lows on the daily Market Profile charts, but falling short of repairing the the poor lows from 10/9, 10/3.

Apparent short covering off the G period two-tick excess low rallied price back 17 points to one tick below the A period single print.

The selloff gained momentum after price broke through the prior three day balance low and bounced back exactly to that level and halfback from A period, suggesting the move lower was initiated by shorter time frame momentum traders.

The late rally high at 2558.75 could be an early important trading reference on Thursday, acceptance back above that price level and into the upper distribution probably targets Wednesday’s high and potentially the very prominent point of control from 10/24 at 2567.50, and the poor high from that profile at 2570.25.

Failure to find acceptance back above 2558.75 could keep the downward tone from Wednesday in tact. Price had stopped one timeframing higher on the weekly chart on Wednesday. For more potential serious change price would have to trade below a prior weekly low at 2539.25 and test the current October low.

Price has been one timeframing higher on the monthly chart since the November 2016 Presidential election, if it can close near the October low at 2517.50 by the end of the month the odds could be good that the monthly one timeframing would be challenged in November.

The current all time high was made in the overnight electronic session at 2577.25, something to carry forward as to date, any all time high made in the Globex market has always been traded through during a regular US hour trading session. Although, however, it can remain untested for quite some time.

(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: