ES Trades Back Into Prior Range

ES failed breakout of balance

After a failed breakout of balance to the downside on the final trading day of 2017, the ES opened back within the prior multi day balance, trading mainly inside the excess single prints from the 12/29 profile.

Price mechanically bounced from the open print in B/C periods, off the opening (A) period high in E, and off the overnight high in G period, before one timeframing higher into the close and leaving another poor high in the profile that exactly matches the poor high from 12/21 at 2696.00.

split view profile 1-2-18
split view profile 1-2-18

Following the late end of the year volatility on the final trading day of 2017, nothing apparently has changed yet in 2018 as the market is back within the prior multi day trading range, with no volatility or signs of any other larger timeframe participants.

Tuesday’s profile left a long line of excess single prints below the matching B/C bar lows at the open, this area could have good odds of being at least partially filled in. Price acceptance below 2681.75 targets the lower distribution from 12.29.

The profile chart also left another poor high, two points below the all time high. The potential balance trading scenarios could still apply; see price look above and repair the poor high, targeting the all time high at 2698.00 and possibly target the 2700 price level, then either find acceptance at higher prices or fail and trade back into the multi day range.

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