Thursday’s market profile chart left another poor high with no TPO’s of excess at 2696.00. The all time high from 12/18 is also a poor high with only one tick of excess at 2698.00, increasing the odds that the all time high will be retested at some time.
Early developing value on Friday could provide clues as to attempted market direction ahead of the Christmas Holiday weekend. Potential scenarios could include a look above in price to repair the poor highs, potentially targeting the 2700 price level and either find acceptance at higher prices, or look above and fail, trading back into the four day range.
Other potential scenarios could see price:
– remain within the four day balance
– look below the range and find acceptance at lower prices, potentially targeting the levels noted in Wednesday’s market profile report,
– or look below the four day balance and fail, returning back into the trading range.
There are regular trading hours for the CME Group Equity Products on Friday, December 22nd, but the markets are closed on Sunday, December 24th and on Monday, December 25th, with a 5:00pm (CT) open on Monday for Tuesday Trade.
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