New Record High

record high, all time high
If a new all time m high is not put in during the extended hours session, will the excess at the latest record high be lasting? To date, all record highs made in an after-hours trading session have always been re-visited at some time during a regular hours day trading session.

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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Gap Open to New Record High

After a gap open higher a new all time high was made at 2899.25.

late summer trading rally

Large gaps are rarely filled on the day or day after they are created, and when they happen to begin a week can often lead to a new short term trading range.

A note of caution; the recent slow summer trade has been very mechanical and on poor profile structure, including the prior two regular trading sessions with buying exactly at the half back levels. The odds of at least a liquidation break are increasing, whether any volatility will return before Labor Day is the question.

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