ES Gaps Open Higher Following Macron’s First Round French Presidential Election Win. New Trading Range or Island Reversal?

The ES gapped open higher over 24 points on Monday, breaking out of Friday’s inside day and the prior inside week before the Market opened. Sunday’s Globex session open, at 2365.75, was 18 1/2 points above Friday’s 2347.25 pit session close.

After the US market opened, the day’s opportunities were confined to just an 8 1/4 point, low confidence, slow paced trading session that failed to even trade to either the overnight low or high (Globex range = 11.5 points).

US pit session Market Profile chart

island reversal or new trading range

Potential balance trading scenarios could apply for Tuesday’s regular trading session, depending on where price is at the open:

  • look above Monday’s high, repair the poor high from April 5th at 2375.00 and continue higher on a potential quest for a new all time high.
  • look above Monday’s high and fail, potential destination target at Monday’s poor low.
  • look below Monday’s poor low and accelerate, finding acceptance and attempt to fill the prior week’s gap.
  • look below Monday’s low, repairing the poor low, and return back into balance potentially targeting Monday’s high.
  • Remain in balance. It is not unusual for price to form a new trading range after a large gap open to begin a new week, as large gaps are rarely filled on the day or the day after they’re created.
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