Price traded mainly within the upped distribution from Friday’s profile, dipping into the lower distribution in the final period when price sold off over 40 points from the high.
Price one timframed higher from the open through six 30 minute periods, developing a six TPO wide point of control at 2643.00, then abruptly reversed and one timeframed lower into the close.
Monday was an inside day. Price acceptance below 2610 probably targets Friday’s low at 2584.50, and potentially the daily lows from 4/3 and 4/4 at 2573.50 and 2571.25, respectively.
Since Monday ended as an inside. balanced day, potential balance trading scenarios could include price either looking above or below the high/low of the balance and either accelerate or fail, or remain in balance. Monday’s range was 43.75 points. Profiles with many anomalies often have good odds of being at least partially repaired in a future session, if not the next.
Price acceptance above Monday’s high, which is a poor high, targets Friday’s high a 2656.75 and possibly the wide point of control at 2661.25 from the 4/4 profile. The high from that day’s profile at 2672.25 is also a poor high with no TPO’s of excess. Poor highs could signify shorter timeframe traders were in control, leaving good odds of those levels to be revisited, or repaired, at some point in the future.
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