Short term traders controlled Thursday’s pit session, mechanically trading off very visual references:

– 2349.75 A period high of day is just one tick below previous close
– 2347.75 C period high one is tick below open price
– 2336.75 D period low of day is exactly at Wednesday’s single print

A new Globex high was not created before the U.S. pit session opened, 2351.00 is still the all time S&P emini high. Thursday’s market profile is balanced.

Although the market appears to be dangerously long, it is still trending higher in the short, intermediate and longer time frames. It is also one timeframing higher on the daily, weekly and monthly time frames. Price would have to take out 2336.75 on Friday to stop one timeframing higher on the daily, and all the way down to 2318.50 to stop the weekly one timeframing.

Both Thursday’s high and low are at exacting references – the high at 2349.75 is one tick from the previous close, the 2336.75 low exactly at Wednesday’s single print – both have good odds of being revisited. Thursday’s wide point of control at 2342.25 could be of significance early, if price first trades to the POC before attempting any breakout, the breakout could have better odds of continuation.

If the market opens within range, balance trading rules could apply to the inside day: Look above or below either side of the balance and accelerate, look above or below either side of the balance and fail -with the opposite end of the range becoming the potential detestation trade, or remain in balance.

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