The ES traded in just an 8 1/4 point range on Wednesday, leaving a very prominent point of control at 2155.00.

Market profile balance trading rules could apply if price opens within this range on Thursday – look either above or below balance and accelerate, look above or below balance and fail, or continue to balance. A breakout from either side should have better odds of continuation if price first trades to Wednesday’s wide POC, or fairest price.

Wednesday’s high at 2158.00 was just a tick below the previous session’s high at 2158.25. Weak, mechanical trading references have good odds of being tested in either the next or a future trading session.

Tuesday’s profile left a poor low at 2136.00. Trading below Tuesday’s low with acceptance could possibly bring lower references into play as noted in our previous post from Sept. 29th.

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