All posts by ES Traders

Weak Low, Value Mostly Lower on S&P Emini Market Profile Chart

Friday’s market profile left both a weak and poor low at 2249.50 – weak because the low was just a single tick above the previous low, and poor because there is no TPO excess at the low.

In addition to Friday being an inside day, the market is in a two day balance inside December 14th’s FOMC selloff range, balance trading rules could apply on Monday, depending on where price opens.

Price acceleration or acceptance below 2249.25 could test the FOMC low at 2243.00, acceptance below that level could see price correct some of the multiple anomalies from the December 7th and 8th profiles.

The market has not stopped one timeframing lower on the weekly chart. Trading below 2243.00 will stop the one timeframing.

While there is excess now at the all time high on the weekly and monthly charts, there is only a two TPO excess at the high on the market profile chart (2273.00/2272.50). In addition, the all time high is a poor high, with only one tick of excess.

(the above post and all posts on es-traders.com is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. Please read our disclaimer

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: 

Inside Day Following FOMC

Following some initial chop, the ES rallied in the first 30 minute pit session period through the prior day’s late M period rally high at 2260.00.

One timeframing higher for the first four periods and finding acceptance above 2260.00, price failed to reach the recent all time pit session high at 2273.00 and balanced, forming a 9 TPO wide point of control at 2261.50.

A later break in I period filled in some of the excess single prints from A period, but with no continuation lower in J period the market balanced again, with 2260.00 becoming late resistance.

Thursday’s point of control at 2261.50 (two ticks below the previous point of control) could be an early directional reference on Friday, depending on where the market opens. Price acceptance above the back to back points of control could test Thursday’s high and potentially lead to a retest of the recent all time high at 2273.00.

Failure to find acceptance above 2261.50 could see the I/J period pullback low at 2252.75 tested, and possibly Thursday’s low.

Thursday was as an inside day. There is always the possibility of breaking out of an inside day balance. The odds of continuation from a breakout should be greater if price first checks in with the wide point of control from the balance. There is also the possibility of price looking above or below the range and failing, returning back into the balance, potentially targeting the opposite end.

(the above post and all posts on es-traders.com is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. Please read our disclaimer

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: