ES – Small Range Balance at New All Time High

The S&P 500 E-mini March contract is trading in a two day balance at its latest all time high, hovering just below the psychological 2300 level.

Market Profile Chart:

Thursday’s profile left both a poor high at 2296.50, with matching B/C period highs, and a very prominent point of control at 2292.75, where all but one of the session’s thirteen, thirty minute market profile bars had traded through it.

The previous day’s overnight trading session made a new all time high at 2299.50, just two ticks shy the the psychological 2300 level. Historically, all time highs made in the overnight sessions have always eventually been traded through during regular U.S. pit session hours.

Acceptance above Thursday’s very prominent point of control, and close at 2294.00, on Friday should see price at least attempt to repair the poor high at 2296.50 and potentially mount an assault on the overnight session all time high and 2300.00. Failure to find acceptance above 2292.75 on Friday could easily see price test Thursday’s narrow range low. Price acceptance below that level could target Wednesday’s low of 2284.25 and, if it can break out to the downside, try to fill the gap at 2280.50, and potentially test the previous all time high at 2277.00.

There are also the possibilities of price remaining in balance, or looking either above or below either side of the balance and failing, returning back into the range, potentially targeting the opposite end of the balance.

S&P 500 E-mini Daily Chart:

(the above post and all posts on is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. Please read our disclaimer

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New S&P Emini All Time High. Poor Structure in Market Profile

Split view Market Profile chart :

After a no confidence, slow pace to the open of the S&P Emini pit session Tuesday waiting for US President Trump to sign an Executive Order for the go ahead of the Keystone XL and Dakota Pipelines, the market one timeframed higher for most of the session, rallying to another new all time high at 2280.50.

Tuesday’s profile left three distributions. Treating each distribution as a separate day, or balance, price acceptance back into a previous distribution has the potential of trading to the opposite end of the balance. The profile also left a poor low at 2262.00, with no excess at the A/B period lows. In addition, the low was exactly at the prior pit session close. Mechanical trading references like these are often a sign of short term traders controlling the market and leave good odds of that price level being retested.

If price can not find acceptance below the late pullback low at 2274.25 on Wednesday, the rally could remain in tact and price could challenge the latest new all time high.

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