OUTSIDE DAY – LATE DAY DOWNSIDE SPIKE

OUTSIDE DAY - LATE DAY DOWNSIDE SPIKE
Market profile downside spike, outside day.

Market selloff leads to an outside day, where price opened above the previous day’s range but closed below it.

Price opening and acceptance below the late day spike at 4401.00 could first target Thursday’s close, the regular session low, and potentially the low from 8/18/23 at 4350.00, with the potential of price eventually targeting the unfilled gap at 4282.50 from 6/1/23. Expect market volatility from Fed’s Powell speech on Friday on the possibility of future interest ratee hikes.

Acceptance above the late day pullback low could repair some of the poor structure in Thursday’s Market Profile, targeting the top of the lower balance at chart at 4424.25, which is also the half-back level of the prior day regular trading session.

Share  Facebooktwitterredditpinterestlinkedinmail


Subscribe: 

Leave a Reply