Poor High, Late Pullback to Half-back in Profile Chart

Poor high market profile chart
Poor high in the market profile chart

The market attempted a breakout higher of the previous three week high above 2680.50. The move higher was on lower futures volume than Friday, while Monday’s NYSE volume was also relatively light.

The late pullback low at 2676.25 in L period on the chart below was very suspect, as it was at just one tick below the session’s half back level and exactly at the point of control.

split view profile chart displays mechanical pullback to half-back level
split view profile chart displays mechanical pullback to half-back level

Value was higher throughout the day.

Monday’s profile left a poor high (no TPO’s of excess) at 2687.00. If the poor high is repaired and price finds acceptance above that level, potential targets are the high from 3/22 at 2698.25 (the bottom of the unfilled gap) and gap fill from 3/21 at 2712.50.

The mechanical nature of the late pullback low to half back leaves good of of being revisited. Price acceptance below that level could target Monday’s low at 2666.00, further liquidation could see a test of Friday’s point of control at 2658.25. The next downside reference would be the low from Friday at 2644.75.

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