Back to back rallies left multiple anomalies, poor structure in the prior two regular session daily market profile charts. Early volatility saw price trade back into the prior day’supper distribution after a gap opening higher.
Long, stretched out profiles with multiple anomalies are often at least partially repaired soon after. Thursday’s volatile trading left more anomalies of it’s own.
The late pullback low at 2719.50 could be an early short term trading reference on Friday; acceptance above that level keeps the bullish sentiment intact, while failure to find acceptance above that level could see price repair some of the anomalies from the poor structure below.
The prior recovery high from 2/7 at 2726.75 could also be a level to keep an eye on, depending on where price opens.Trading below that level probably leaves good odds of testing the lower reference.
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