The market appeared to be in short covering mode ater the weekend. Often, when there are multiple anomalies in the profile it is a sign of shorter time frame, momentum based trading, leaving decent odds of at least some of the poor structure being repaired in a future session, if not the next day.
Monday’s pullback low at 2708.50 could be an early reference on Tuesday’s regular session, depending on where price opens.
Acceptance above 2708.50 potentially targets Monday’s point of control, the prior close and potentially the high, which also a poor high with no TPO excess, at 2727.75 and the high from 3/1 at 2731.00.
Other potential targets above could include the single print at 2737.25 from 2/28 and the point of control from that profile at 2747.50 and the high of that day at 2762.00, which is also another poor high.
Price acceptance back below the upper distribution targets the single prints and the anomaly below that balance, and potentially the high of the lower distribution from Monday at 2684.50.
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