After grinding its way higher to take out the latest Globex all time high by two ticks before one timeframing lower for 6 periods on Tuesday, Wednesday’s ES pit session opened slightly above Tuesday’s close and chopped around in a 5 point range for three periods before breaking to the downside in D period, forming a double distribution and filling in some of the excess single prints from August 5th.

Both value and the point of control migrated lower during Wednesday’s session.

So was Tuesday’s grind higher to take out the Globex session all time high and establishing a new pit session all time high “game over, side out” for the market participants who drove price up there? Will this latest new all time high be lasting, at least for a while? Only time will tell.

For Thursday’s U.S. trading session, market profile traders will want to monitor for price acceptance or rejection around the two distributions from Wednesday, and poor low at 2167.75.

Acceptance below the lower distribution could target the unfilled gap and prominent point of control from the August 4th profile. Trading with acceptance back into the upper distribution targets Wednesday’s high and could challenge the all time high from Tuesday.

(the above post and every post 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)