The ES opened near the lower end of the previous day’s range on Monday, a tick above the previous pit session close. The opening A period high traded to within three ticks of Friday’s wide point of control before selling off through Friday’s low. Monday’s pit session profile repaired three of the anomalies in the market profile structure from October 13.

NYSE daily volume was very light at only 2.83 billion.

The B period low matched the low of A period, making it an early poor low, and although price rallied back into the prior range, neither the B or C periods high could take out the high of A period. The market chopped around through G period, with price contained inside the opening balance and trading above and below the previous low multiple times.

Selling in H period repaired the earlier A/B poor low, I/J periods left another poor low, but low volume and the prominent POC above limited the downside.

Looking ahead, the E period high at 2126.50 was within a tick of the previous pit session close, a probable sign of day and short term traders in the market. So depending on where Tuesday opens, if price can gain accepted above Monday’s very prominent point of control, the 2126.50 level could be retested, followed by the obvious potential day trading reference/target at the previous high of day, 2130.00. The overnight high and low, depending on where they are in relation to the opening price, can also be good early short term trading references.

The ES is trading at the lower end of the wide trading range created from the September 12th low, which it had breached on October 13th. If price fails to gain acceptance above Monday’s POC and close at 2122.75/2123.25, the poor low at 2117.75 is the focus. Acceptance below Monday’s low could potentially see a retest of the October 17th low. Taking out last week’s low at 2107.75 could bring the psychological 2100 level into play, below that remains an unfilled gap from July 7th at 2095.

A breakout should have better odds of continuation if price first trades to the very prominent point of control, or fairest price, from Monday.

A potentially negative longer time frame sign is from the weekly chart. Last week closed as an outside week, after failing to break out above the prior two consecutive inside weeks.

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