For the moment there is significant excess at the latest all time high for all time frames, will it hold or will the market continue it’s euphoric rally?
Wednesday’s late pullback low could be an early market profile trading reference on Thursday, depending on where the market opens. Opening and remaining above 2705.50 keeps the bullish tone from Wednesday’s rally in tact, targeting the 5 TPO’s of excess at the new all time high, and new highs.
Acceptance back below 2705.50 could test the mechanical C/D/E/F bar lows (all within a tick or two of each other), the single print at 2704.00, Wednesday’s opening period excess single prints, and potentially Wednesday’s low and the gap fill from Jan. 2nd (2697.00/2996.00).
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