ES Undecided, Mechanical Buying off Prior Close as it Digests Latest POTUS News After Selloff

Split view Market Profile chart

ES mechanical buying off prior session low and current session open
split view profiles

Price repaired all of the anomalies in the prior session profile, value ended as overlapping to lower with price rallying off the prior close in I period.

Thursday’s POC/close at 2363.50 could be an important reference on Friday, acceptance below that level could see price test the mechanical G/H/I level (one tick below the prior close). The B period low was also very mechanical, at just one tick below the opening price. Both levels probably have good odds of being revised.

The short and intermediate term trends are now pointing down, with the monthly longer time frame chart balancing as price is trading back inside of April’s range. Price would have to trade below 2324.00 to stop the one timeframing higher on the monthly chart, which could be a more significant sign of change.

Acceptance above 2363.50 could see price attempt to fill in the excess single prints near the previous two session’s highs, short covering is always a possibility in an emotional news drives trading environment.

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