The latest all time high was made on Monday, 8/27 at 2916.25 in the extended hour trading session. All previous record highs made in the after-hours Globex market have always been revisited during a regular hours trading session.
On Wednesday. price broke out above the prior Globex record high, putting in a new all time regular session high at 2917.50.
The rally left potentially significant excess at the new high on the daily chart, but just three ticks of excess on Wednesday’s market profile chart after price balanced in an upper distribution for most of trading session. The question now is, will this excess at the current all time high be lasting?
Recent buying has been off of very visual references, Wednesday’s B period low was also very mechanical, rallying exactly from the prior day’s close. An early reference on Thursday could be at the upper distribution low at 2911.25; acceptance below that level could bring more selling, to at least possibly test the single prints in Wednesday’s profile, and possibly test Wednesday’s low and the four consecutive days of one timeframing higher. There remains an un-repaired poor low at 2894.25 from the 8/28 profile chart.
The market remains very bullish going into the Labor Day weekend. If another new record is put in during the overnight session, the odds could be high that it will also be retested.
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