The ES is still balancing inside the wide range from the July 27th profile. After trading through and repairing the prior two day’s matching highs at 2475.00 at the open, an early attempted selloff Wednesday failed to find continuation below the C (third) period low, allowing two sided trade to occur around the around the prior RTH session low. Another session apparently dominated by short term traders – liquidation followed by short covering.

Price rallied exactly back to the open price at 2474.75 in the final period, a very visual, mechanical short term trader’s reference.

Wednesday’s late pullback low at 2471.00 could be an important short term trading reference for Thursday. Acceptance above that level re-targets the upper distribution balance above 2475.50 from the July 27th profile, and could challenge the all time high.

Acceptance below 2471.00 at a minimum keeps the market in short term balance, with good odds of retesting Wednesday’s poor low at 2463.25. Acceptance below Wednesday’s low could target the July 28th low at 2461.50 and the single print buying tail from 7/28, potentially challenging the prior weeekly low (and the weekly one timeframing higher) at 2457.00.

(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)