With low NYSE volume at just 3.5 billion and a rollover to the September 2016 contract, the S&P 500 emini gapped down Friday, and after failing to fill the previous day’s gap sold off down to 2079.50 on the September contract.

On the market profile chart, the late afternoon rally high to 2088.25 closed the single print and double distribution, leaving Friday more of a balance day then trend day selloff.

With a heavy news week ahead, including retails and inflation along with the fed meeting on Wednesday, will there be enough reason to push to new all time highs or will the market attempt to repair the previous poor structure below.

Depending on where opening price is to start the week, an early reference could be 2088.25, the late afternoon rally high. But be mindful of the poor high and unfilled gap above.

Although the daily chart has been one timeframing down for two days, the weekly chart is still one timeframing higher. If price trades below Friday’s low 2079.50 on the September ES emini contract, the weekly one-time framing higher will stop.