Coming into Monday’s regular session, overnight inventory was net long, in addition to long inventory from the previous regular and Globex sessions.
Price staged a low volume rally on the open, trading above Friday’s upper balance from its “P” shaped distribution on the Market Profile chart, filling the gap from 5/16.
After leaving an early poor A/B high, price chopped around above and below Friday’s high through E period and left a poor A/C period low before eventually trading higher to just two ticks below the April high in M period. The point of control migrated higher with price, value was also higher on the session.
Price remained below April high (inside month) at 2394.75.
Monday’s pullback low at 2389.75 could be of little significance due to the very small range for the day (less than 9 points), but if price opens near and finds acceptance below the POC at 2391.75 on Tuesday that level could provide short term support, although the focus and destination could be on the poor low at 2385.00.
If the market finds acceptance below the poor low there is plenty of recent poor structure below in need of repair –
– Friday’s (5/19) late pullback low at 2378.00 was exactly at the overnight high from that session
– Seven points of excess single prints from Friday’s opening period
– Multiple un-repaired anomalies from the 5/18 market profile chart around 2363.50, 2361.75, 2358.75.
Price acceptance above 2394.75 (April high) targets the back to back prominent points of control at 2398.75 from 5/15, 5/16 and could potentially test the recent all time high at 2404.50.
Note: At the time of this posting there was a potential terrorist attack in Manchester, England, and more “alternative facts” and obstruction of justice allegations from US President Trump reportedly leaked. Significantly emotional events could cause severe volatility in global markets.
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