The S&P 500 E-mini March contract is trading in a two day balance at its latest all time high, hovering just below the psychological 2300 level.

Market Profile Chart:

Thursday’s profile left both a poor high at 2296.50, with matching B/C period highs, and a very prominent point of control at 2292.75, where all but one of the session’s thirteen, thirty minute market profile bars had traded through it.

The previous day’s overnight trading session made a new all time high at 2299.50, just two ticks shy the the psychological 2300 level. Historically, all time highs made in the overnight sessions have always eventually been traded through during regular U.S. pit session hours.

Acceptance above Thursday’s very prominent point of control, and close at 2294.00, on Friday should see price at least attempt to repair the poor high at 2296.50 and potentially mount an assault on the overnight session all time high and 2300.00. Failure to find acceptance above 2292.75 on Friday could easily see price test Thursday’s narrow range low. Price acceptance below that level could target Wednesday’s low of 2284.25 and, if it can break out to the downside, try to fill the gap at 2280.50, and potentially test the previous all time high at 2277.00.

There are also the possibilities of price remaining in balance, or looking either above or below either side of the balance and failing, returning back into the range, potentially targeting the opposite end of the balance.

S&P 500 E-mini Daily Chart:

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