Tag Archives: all time high

Potential lasting excess at new all time ES high

S&P 500 emini futures chart showing potential lasting sexcess at new all time high
Market Profile chart for Thursday, January 2, 2020 shows significant excess at the new all time high

The latest overnight session all time high in the S&P 500 emini was made on 12/26/19 at 3254.50. The regular session high at 3251.00 was made on 12/27/19. Both levels were traded through late on Thursday afternoon, 1/2/20, leaving significant excess at the new all time high at 3259.75.

Due to the New years 2020 holiday, the FOMC meeting minutes (usually released midweek) from the December 2019 rate decision will be released at 2 PM ET/1900 GMT on Friday, 1/3/20, and could usher in some volatility.

If another new all time high is made in the Thursday evening overnight session, that price level could also be challenged in Friday’s regular trading session leading up to the Fed minutes.

The base of the late day spike on Thursday at 3251.25 is potential support. Trading through that price level with acceptance could bring in more profit taking, and signal potential change to the current market rally, with the chance this latest all time high could be lasting for at least a little while.

The Fed members kept rates unchanged in December and did not forecast another rate hike in 2020, but can see one hike in 2021 and 2022.

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ES All Time High

ES all time high July 2019

The ES set a new regular trading session record high on July 26th, repairing the poor high at 3022.00 from the July 24th market profile chart, and traded through the prior extended (overnight) trading session all time high at 3027.75. The latest record high at 3029.50 was set in the regular trading hours session.

Failure to find price acceptance within the upper distribution from Friday’s profile at 3022.00 could increase the odds that this latest record high could be lasting, at least for a while.

The market is still one time-framing higher on the weekly chart, price would have to trade below 2978.75 to stop the weekly one time-framing.

When the weekly one timeframing does cease, that would increase the odds of a potentially more significant change in the market.

ES weekly bar chart July 2019 ES-Traders.com
ES weekly bar chart clearly shows ome timeframing higher for multiple weeks. The trend remains “up”.

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