Short term traders still dominate ES – track Crude

Monday March 7 Inside Day

The S&P eminis once again tracked crude higher for most of the early session Monday until a liquidation break after H period sold off to a point above the open. Monday is an inside day. Watch on Tuesday for potentially either a look above or below the now two day balance and either accelerate or fail back into it. Any failure could see price revert back to the opposite side of the balance area. Acceleration either higher or lower could target levels mentioned in previous posts.

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: 

ES follows Crude Oil Rally

Friday March 4th ES Market Profile Chart

After trading above 2000 for multiple periods Friday a late day break took the ES down to just a tick below the previous day’s close at 1991. Friday left a poor low,  just a single tick of excess, in addition to Thursday’s 3-wide TPO poor low at 1974.75.

The markets are still heavily influenced in crude. Failure to find acceptance below Friday’s close could target 2014.50, the previous high from Jan. 5th and 2030.00, the bottom of the unfilled gap from Dec. 31st.

S&P 500 emini daily bars

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: 

Choppy, balancing day Wednesday

March 2nd market profile balanced choppy day in the ES

Balancing day Wednesday as the markets try to decide what they want to do. A last period surge to just a single tick above the overnight high at 1984.50 left no excess on the high.

Does the ES extend above Wednesday’s high, targeting the unfilled gap from December 31st and 2013, or does it fail and fall below last weeks high at 1961?

Acceptance above the base Thursday’s spike at 1981.25 could bring in more buying, while trading below it would first target the prominent point of control at 1975.50, followed by Wednesday’s low and last week’s high at 1961. Trading below 1961 could bring in more selling as the market could try to repair the poor structure from Tuesday.

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: