ES Sets Another New Record High and Sells Off, Leaves Market Profile Spike

After setting another new all time high during Sunday evening’s Globex session at 2663.25, the ES gapped open 4.5 points above Friday’s high, rallying from the prior 2658.50 all time high in the opening period to trade two points above the overnight high, and setting a new regular trading session record high at 2665.25 before reversing.

selloff from new all time high
After trading two points above a new record high set in the overnight Globex market, the ES set a new regular session all time high and sells off from it, leaving a late day Market Profile spike at 2650.50.

A sharp move in C period traded, mechanically, to exactly at the prior day’s high and bounced, closing the gap but leaving an early poor low with only one tick of excess at the C/D bar lows.

 split view market profile chart 12-4-17
Split view market profile chart 12-4-17

The high of F period mechanically filled in, to the tick, the B/C period single print and continued to balance until selling off again in J period, forming a late day spike below 2650.75.

2650.50 could be a key Market Profile trading reference on Tuesday as the base of the late day spike is generally resistance. Remaining below the spike base keeps the downward trend from Monday in tact, with good odds of price retesting Monday’s low.

Acceptance back above the spike base could nullify Monday’s late bearishness, which could lead to a retest of Monday’s point of control. Acceptance above the POC targets the near matching E/F/H/I bar highs and potentially the latest, new all time high.

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