(Market Profile chart for ESZ2017 11/28/17 rally to new all time high at 2627.00. Market commentary to follow)
After setting another new record high at 2603.00 on the day after Thanksgiving, then another new all time high at 2604.50 in the overnight market, the ES opened inside the narrow 3.75 point range from Friday’s Holiday shortened trading session and quickly rallied to take out both prior highs, setting another new all time RTH high at 2605.50.
Price rallied in the the opening period exactly from the overnight session half back level at 2600.50. The overnight half-back is a very common, visual short term trader reference, as well as is the psychological 2600 level, suggesting mechanical, shorter time frame buying was present early.
The early low was taken out after a sharp spike in D period took price below the 2600 level, but price rebounded to balance in less than a three point trading range for the remainder of the session, developing a twelve TPO wide point of control at 2601.25 where price settled.
2601.25, although an obvious, very visual reference, could be early short term support or resistance depending on which side of it price opens. The market spiked a few ticks higher in the final runoff period to 2603.000, the prior weekly high from Friday’s shortened session. 2603.00 could also be an important early trading reference on Tuesday.
Price acceptance above 2603.00 could challenge the newly printed all time regular session high at 2605.50.
Price acceptance below the 2603 area targets Monday’s low and potentially the poor low from 11/22 at 2593.75, further liquidation below that level could target the A period single prints above the 11/22 low, and potentially the top of gap at 2589.25, followed by the gap fill from 11/20 at 2584.00.
Developing value on Tuesday could give better clues as to how the market will react to the latest new all time high.
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