Friday Jan 8, 2016 S&P Market Profile Recap

January 8 Market Profile Structure
Opening within Thursday’s range, a lot of confusion and chop with somewhat large abrupt swings dominated the early trading session. The market sold off early from just two ticks below half back. After a poor low formed and was taken out at 1935.50 the ensuing rally failed to take out the early half back level at 1944.50, reaching only as high as 1943.50. From there the S&P sold off 33 points, one-timeframing lower to 1910.

Depending on where the market opens on Monday, Market Profile traders will be focusing on the base of Friday’s spike at 1924.50 for acceptance or rejection(1923.25 is the base of spike on collapsed profile view, but the break of the low on the expanded view is at 1924.50), does it open above, below or within the spike? The market also left a poor low at 1910.

While NYSE volume was somewhat high at 4.6 billion, was it commensurate with the market selloff? Friday’s POC did not migrate lower with price so many traders may be “short in the hole”.

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Youll never look at the markets the same way again