After setting a new all time high during the overnight session, the ES gap opened higher on Monday, failed to reach the overnight high in A period by two ticks, sold off to fill the gap from July 8th by one tick in B period, then one timeframed higher for the next 5 market profile 30 minute trading periods, setting a new all time high on the S&P emini September futures contract at 2136.75.

More mechanical buying in J, K and L periods formed a three TPO wide selling ledge, which was breached late in the day in an M period liquidation break, but the 9 wide point of control at 2133.75 limited downside continuation.

Monday’s S&P all time high was achieved on low NYSE volume of 3.2 billion. Although value was clearly higher on the day, the mechanical nature of the earlier bounce off the previous day’s high along with the slow pace to the session was indicative of short term traders in control of the trading session.

July 8th’s stretched out profile left three single prints and multiple anomalies, structure that poor is often repaired in future sessions. Depending on how Monday’s overnight session trades and where price opens, the 9 wide POC could act as a magnet and also potential resistance during Tuesday’s pit session if price opens below it, being mindful of the L period rally high at 2135.75. Any trade that occurs above Monday’s high at 2136.75 during Tuesday’s pit session will be another new all time.