Gap Open Higher, Late Pullback Low

double distribution
double distribution
pullback low market profile
split-view market profile chart

The market is one-timframing higher for three days and the short term trend remains up.

Price acceptance below the late pullback low and back into the lower distribution has good odds of re-testing Thursday’s low, and the gap fill at the 2700 level from 5/9.

Price acceptance back below 2700 level could target the late pullback low from the 5/9 profile at 2691.25.

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Balance Following Rally, Leaves Questionable High



balance following short covering

The ES closed just above the high from Friday’s emotionally driven short covering session, leaving a questionable high in Monday’s profile at just a tick below the high from 4/30. There are now four closely grouped daily highs between 2681.50 and 2683.75 dating back to 4/23.

Monday’s wide POC could draw price back to it on Tuesday. Acceptance above the prominent point of control could target the weak highs, trading above the highs could potentially trigger stops above that area. The potential could also exist for a “look above and fail” of that area, or to remain balanced (probably the lowest odds).

Acceptance back below the POC from Monday targets the close (CME settle at 2670.00) and could test the low at 2662.50. There are multiple anomalies in the profile from the 5/4 rally in need of repair.

balanced profile



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