ES Balances After New All Time High

Tuesday’s Market Profile chart featured an opening period high that exactly matched the overnight Globex and newest all time high at 2593.50, and the low of the day in F period exactly matched the single print from the 11/3 profile at 2580.75.

ES balance after new all time high
ES traded lower after tagging the overnight and new all time high to the tick, balances above upper distribution from the November 3rd profile.

The D period high was a single tick (very mechanical) below the open print of the day session. With short sellers not getting much more for their efforts, the market rallied back to half back at the close, but not too far above the 8 TPO wide point of control at 2485.50.

split view profile chart 11-7-2017
Split view market profile chart 11-7-2017

Tuesday’s earlier I period rally high was also just a single tick below the half back level on the day, signaling that the market was probably being controlled by mainly shorter and day time frame traders, and most likely not longer term selling involved. NYSE daily market volume was also moderate at 3.6 billion. The value area had developed as overlapping to lower for the session.

Thursday, November 9th could bring the release of Trump’s new tax reform bill, with it should bring notable volatility.

The balance between the Tuesdays rally high at 2587.50 and low at 2580.75 could warrant some early attention on Wednesday. Price acceptance with developing value below Tuesdays low could lead to further liquidation ahead of the tax plan, potentially testing the lower anomalies and low of day from 11/3.

Acceptance or short covering above 2587.50 could first target the potentially weak D period high at Tuesday’s open, and possibly test the new all time high or the 3 ticks of excess below it.

The 2600.00 psychological level could be on the radar for short/intermediate traders, who apparently are still in control of the current market.

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