Another downward spike in the Market Profile chart:
If price opens above the spike it could be considered positive, since the price probe lower was rejected, leaving a buying tail. Price acceptance back above the base of the spike could target the prior point of control, and potentially target the top of the distribution.
The market had sold off significantly the prior two trading sessions, increasing the odds of a possible short covering rally. The market could have gotten too short in the short term.
Opening within the spike could suggest price has found a level where two sided trade can take place, and keep the break intact. Potential targets are the prior close and session low. The top of the spike is resistance.
Opening below the downward spike infers price had not auctioned low enough to cut off the selling and allow for two-sided trade.
Further liquidation could target the 2535.25 correction low from 2/9.
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