All posts by ES Traders

ES rallies with CL, leaving poor structure

Thursday March 17 Market Profile

Thursday’s buying started from exactly at the lower end of Wednesday’s upper distribution at 2012, and following crude oil’s rally, continued buying throughout the day off off exact price levels. This can signify short term participants who are more apt to panic when price goes against them. Thursday’s structure left multiple anomalies along with two single prints. It also left a poor high (just one tick of excess) at 2036.75. It wouldn’t be surprising to see the market take out the high, then return into the previous range to revisit the prior buying areas.

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: 

Double Distribution

march 16 Fed Day

Wednesday was a double distribution day, trading in and out of the previous three day balance area multiple times. That is not a sign of a strong market. To remain positive price should not find acceptance below the lower distribution at 2012, which was also the late day pullback low. The single print at 2009.25 is also a short term reference point. The prior gap at 2021.25 was also filled on Wednesday.

Acceptance back within the three day balance could target the low of the range.

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: 

3 Day Balance Before FOMC Meeting

3 day balance area

FOMC Meeting Announcement
2:00 PM ET Wednesday March 16

The Federal funds rate target is expected to remain unchanged at a range between 0.25 to 0.50 percent, where it was set at the December FOMC. Though some Fed officials have been pointing to the strength of recent inflation data, there are no expectations among Econoday’s 12 forecasters for any change at the March meeting.

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: