So much for end of month volatility. No fear in market = no sellers. The ES traded in just a 7 point range through for the majority of the session on the last trading day of the month, until price rallied above poor B/G period’s high in K period.

Finding early acceptance above 2464.00, price eventually traded to the prior matching daily highs from 8/9, 8/16 at 2474.00, trading (mechanically) one tick above it before liquidating 6 points lower to halfback at the close of the regular session.

2474.00 is still probably a weak reference, now with three almost exact daily highs at the same level.

The question now is do sellers show up in September or does the market challenge the excess at the all time high?

For Friday, …

Price acceptance above Thursday’s high at 2474.25 would put price back into the 8/8 profile when the latest all time high at 2488.50 was made. That profile contains multiple unrepaired anomalies that some or all could be repaired. The 2488.50 all time high is the potential target.

Thursday’s profile was balanced, therefore balance trading scenarios that could play out include:

– Look above balance and trade higher/find acceptance back into the 8/8 range and potentially challenge the all time high
– Look above balance (Thursday’s high) and fail, returning back into balance and target the opposite end (minimally)
– Look below balance and accelerate/find acceptance lower targeting Wednesday’s gap
– Look below balance and fail, returning back into range targeting the high from Thursday, and potentially higher
– Remain in balance, probably not likely after Friday’s non farm payrolls and PMI reports.

Trading back below 2459.75 should see price repair at least some of the multiple anomalies from the 8/30 profile, with the potential of price testing Wednesday’s lower excess and trading (eventually) to the lower end of the prior trading range (prior 5 day balance).

If price gaps open below the low of Thursday’s range it has the potential to become an island reversal pattern.