Category Archives: S&P 500 E-mini Market Profile Review

ES Matches its All Time High, Leaves Late Day Market Profile Spike

Price rallied late on Friday, leaving a late day spike on the Market Profile chart at 2392.75, trading to the prior all time high from March 1st at 2398.00. The high can be considered a weak high, matching exactly to the prior all time high (June contract), and no excess on the larger timeframe charts either as both the weekly and monthly highs now also match exactly.

matching S&P 500 emini all time high

To begin the new week, acceptance above the late day spike at 2392.75 could easily challenge Friday’s matching all time high. The psychological 2400 level, and all time pre-adjusted contract high from the March S&P 500 emini futures contract at 2401.00, are potential targets above Friday’s high.

Price traded above the prior monthly high (April) at 2394.75 on Friday, which was an inside month. At the time of this posting before the U.S. market open, the Globex futures had opened and already traded through Friday’s high and the prior old June contract high at 2401.00.

If price gaps open or trades above 2398.00 after the open of the U.S. pit session, putting in a new all time high and repairing the week high at 2398.00, but can not find acceptance and re-enters Friday’s range – trading with acceptance back below the prior monthly high at 2394.75 could bring in sellers, as the potential for a “look above and fail” would exist. Generally, the base of a spike is support. Trading back below the Friday’s spike bast at 2392.75 could imply there is a change in sentiment from Friday’s late rally.

Acceptance below Friday’s late day spike base at 2392.75 potentially targets Friday’s low at 2385.00 and the very prominent point of control from May 4th at 2383.50. Acceptance below that level potentially targets the lower end of the nine day trading range at 1275.50, and gap fill from April 24th at 2374.00.

However, to date, any new all time high that was made in an overnight Globex session has always been traded through during regular trading hours. By the market open on Monday, a new all time high will have already been made in the Globex session. Therefore, depending on where the pit session opens, the overnight high could be an early trading reference for the regular session.

(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. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)

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Short, Intermediate, and Long Term Time Frames Balancing on ES

Market Profile daily chart showing five day balance below 2398.00 all time high:

four day balance

All time frames are now balancing, as March ended as an inside month. The rally is tiring.

ES monthly chart

inside month April 2017 ES  Futures

Markets seldom go from bull market to bear, or from bear market to bull, there is often a balancing period in between. The weekly bar chart has been balancing for some time, with two gaps below current price:

ES weekly chart

ES weekly chart balancing

Monday’s regular hours session low at 2380.75 was very mechanically just one tick above the previous settle and one tick below the prior day’s prominent point of control. Exact levels like these have high odds of being revisited.

05-01-2017-split-view-profile

Price acceptance below Monday’s low targets the five day balance low and gap fill from April 24th at 2374.00. Acceptance into the April 24th bell curve, balanced profile targets the poor low from that day at 2365.75 and potentially the gap fill from April 21st.

gaps below price

There is not much excess on the all time high, and the psychological 2400 level has not been reached in the June contract. Price acceptance above the five day balance high at 2394.75 (April 26th poor high) targets the all time June contract high at 2398.00.

(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. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)

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