Another moderately low volume trading session and another new S&P emini all time high, trading in under a 4 point range from the fourth period on. Price took out the previous all time high made in the after hours market on July 13 at 2168, then traded 7 ticks higher in D period, rotating in that range for the remainder of the day. Wednesday’s market profile chart left a very poor 4 TPO wide high at 2169.75.

NYSE daily volume was just under a meager 3.2 billion.

Treating Wednesday’s upper distribution as a separate balance, if price opens within that balance on Thursday possible trade scenarios are for price looking above or below balance and accelerating higher/lower, or looking above or below either end and failing. Returning back into the small balance initially targets the opposite end.

If there is acceptance back below the lower end of the upper distribution at 2166.25 and single print at 2165.50, price could reenter the previous 4 day balance, targeting Wednesday’s low and bringing the very prominent point of control from July 19 at 2155.75 into play, and potentially the lower end of that 4 day balance.

If price opens within range and accelerates through the poor high it will be yet another new all time high on the S&P 500 emini futures contract. If price does not return back into the previous day’s range and continues climbing higher, monitor one timeframing for continuation.