Another new record high after a small, one point gap open higher. After rallying in G and F period and developing multiple distributions in the profile, the market spiked higher again in M period leaving a late day spike above 2766.00.
Depending on where the market opens, 2766.00 could be an early market profile trading reference. Continued acceptance above that level keeps the bullish tone in tact and could test the latest all time high at 2770.00.
Price acceptance below 2766.00 could target the single prints at 2761.75 and 2760.25.
2760.00 is the prior all time high from January 9th, which could act as short term support in the absence of any selling, but if price trades below the base of the late day spike it probably lowers the odds of the prior high holding as support.
If price finds acceptance back into the lower distribution below 2760.00 the potential exists to test the low of the day at 2752.75 and target the unfilled gap at 2751.75.
Although all trends remain up, there are three unfilled gaps from the prior 8 trading days, increasing the odds for at least a short term liquidation break.
Monday, January 15th, 2018 is the Martin Luther King Holiday, with a 12pm CT trading halt for CME Equity products.
(the above, post and all posts on es-traders.com, 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. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)