Rally Following FOMC Minutes

market profile references

After a gap open lower and balance developing below the previous day’s range, the market rallied exactly to the base of the late day spike from the prior day’s profile into the close. Value and the point of control remained lower.

The market traded higher off of very visual references suggesting shorter term traders were in control, with price bouncing exactly off the 5/18 daily low in the 3rd period, off the opening print in both D and F periods, and at the prior day’s low and 2nd period high in K period. All these levels could have good odds of being revisited.

In addition there is a 10 TPO wide point of control at 2716.50 that could draw price back towards it.

The rally stopped exactly at the spike base from Tuesday and the prior day’s close, and the profile chart also left a poor high at the close, that level could also be considered weak.

Market rallies after FOMC

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