Monday, January 25 Recap

Rotational day early Monday with lack of confidence in either direction, leaving a poor high at 1895.75 just a single tick above the overnight half back. Following another crude oil selloff the profile then formed a second, lower distribution. Areas of interest for Tuesday are the top of the lower distribution at 1875.75 and the base of the spike at 1881.25.

There are also un-visited wide POCs below at 1864.25 and 1820.75 from 1/21 and 1/20 respectively, along with a poor low at 1804.50, the recent selloff low.

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Market Profile Graph for Thursday 1/21

January 21, 2016 Market Profile Graph

40+ point balancing day Thursday following Wednesday’s massive short covering rally after taking out the August lows. Thursday’s high at 1883.25 ‘cleaned up’ the poor rally high at 1882.25 left from Friday’s profile where major selling started.

Friday’s trade should also see continued volatility and wide range. With the massive overnight ranges recently it makes it impossible to to try to predict exacting references but we have to start somewhere. The obvious references are Thursday’s high and low – watching for a break out of balance, or breakout failure.

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Market Profile – January19 2016

January19, 2016 Market Profile Graph

Steady selling, following crude oil’s lead again, for 6 consecutive 30 minute periods had the ES one-timeframing lower from the third period, but could not get the outside day below Friday’s close. Short covering followed rallying up to just a single tick above Friday’s high, creating a weak rally high at 1882.25. Volatility remains high. Carry that information forward as it will probably be revisited. Monday’s wide point of control at 1974.25 is just two ticks above the regular pit session close. Acceptance above or below that level will probably be key, depending on where overnight trade takes us.

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