Four Day Balance

4 day balance
Four day trading range

The market is in a four day balance. Although the value area was higher and the point of control had migrated higher during the day trading session, buying was very mechanical with the early low exactly matching the overnight half-back session low.

split view market profile chart
Split view market profile chart clearly shows where short term traders were buying mechanical

The B, C and E period lows also traded off of very visual market profile trading references, signaling short term traders were dominant.

Weaker, mechanical price levels have good odds of being revisited, the question is, when? Depending on where price is at market open, acceptance above or below the psychological 2800 level at the top of the balance could be an early key to the day’s direction.

2796.00 is the prior monthly high, a longer time frame trading reference.

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