Price rallied off the open of Monday’s ES pit session, stalling at and later pulling back to the approximate midpoint of the prior multi day trading range and leaving a three TPO wide selling ledge at 2178.25 in L, M and N periods.

Value ended the day overlapping to higher, with the point of control also migrating higher intraday from an earlier 5 TPO wide at 2177.25 to 8 wide at 2179.25 by the close, but NYSE volume was very low at just 2.65 billion suggesting shorter term traders in control with no continuation of the earlier apparent short covering move.

2178.25 could be a go/no-go level. Monday’s market profile chart left a poor high at 2182.25. Any downside break should probably be looked at more cautiously if the high isn’t repaired first, monitoring one timeframing for potential continuation lower.

Accelerating through Monday’s high could target the prominent point of control (2187.75) and all time high (2191.50) from Aug. 23rd.

ES Daily Chart

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