Tag Archives: globex

ES Balances After New All Time High

Tuesday’s Market Profile chart featured an opening period high that exactly matched the overnight Globex and newest all time high at 2593.50, and the low of the day in F period exactly matched the single print from the 11/3 profile at 2580.75.

ES balance after new all time high
ES traded lower after tagging the overnight and new all time high to the tick, balances above upper distribution from the November 3rd profile.

The D period high was a single tick (very mechanical) below the open print of the day session. With short sellers not getting much more for their efforts, the market rallied back to half back at the close, but not too far above the 8 TPO wide point of control at 2485.50.

split view profile chart 11-7-2017
Split view market profile chart 11-7-2017

Tuesday’s earlier I period rally high was also just a single tick below the half back level on the day, signaling that the market was probably being controlled by mainly shorter and day time frame traders, and most likely not longer term selling involved. NYSE daily market volume was also moderate at 3.6 billion. The value area had developed as overlapping to lower for the session.

Thursday, November 9th could bring the release of Trump’s new tax reform bill, with it should bring notable volatility.

The balance between the Tuesdays rally high at 2587.50 and low at 2580.75 could warrant some early attention on Wednesday. Price acceptance with developing value below Tuesdays low could lead to further liquidation ahead of the tax plan, potentially testing the lower anomalies and low of day from 11/3.

Acceptance or short covering above 2587.50 could first target the potentially weak D period high at Tuesday’s open, and possibly test the new all time high or the 3 ticks of excess below it.

The 2600.00 psychological level could be on the radar for short/intermediate traders, who apparently are still in control of the current market.

(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)




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New E-Mini S&P 500 All Time High Made in Globex Session – U.S. Pit Session Flat

 new S&P emini all time high made in Globes session

There is now no excess at the highs on either the short, intermediate or longer term time frames. The daily chart has just a single tick of excess, the weekly and monthly charts both have matching highs at 2398.00.

While a new regular session was briefly made in the S&P 500 pit session on Monday, electronic trading in the emini market failed to take out the previous session’s high at 2398.00. However, a new all time high was made in the overnight Globex trading session, before the U.S. market opened, at 2403.75.

There has never been an all time high that was created in an overnight Globex session that hasn’t been revisited during regular U.S. trading hours. While there are high odds of the weak high from Monday being repaired, there is no time table for that to happen, if it’s going to.

Price couldn’t find real acceptance above the April (inside month) high at 2394.75 on Monday, closing the regular session at 2395.00. The 11 TPO wide point of control at 2394.00 could provide an early clue Tuesday as to attempted direction.

Potential trade scenarios in relation to Monday’s inside day:

  • Look above the two day near matching highs and accelerate higher, finding acceptance and new all time highs
  • Look above the two day highs, make a new all time high and fail, returning back into the prior range, targeting the opposite end and potential lower prices
  • Look below Monday’s low and accelerate lower/finding acceptance and potentially lower prices
  • Look below Monday’s low and fail, returning into the prior range and initially targeting the prominent point of control at 2394.00, then the near matching highs at 2398.00 (all time high) and potentially to new all time highs
  • Remain in balance (probably the lowest odds because of the small range)
  • (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)

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    Double Distribution Trading Day

    After grinding its way higher to take out the latest Globex all time high by two ticks before one timeframing lower for 6 periods on Tuesday, Wednesday’s ES pit session opened slightly above Tuesday’s close and chopped around in a 5 point range for three periods before breaking to the downside in D period, forming a double distribution and filling in some of the excess single prints from August 5th.

    market-profile-double-distribution

    Both value and the point of control migrated lower during Wednesday’s session.

    So was Tuesday’s grind higher to take out the Globex session all time high and establishing a new pit session all time high “game over, side out” for the market participants who drove price up there? Will this latest new all time high be lasting, at least for a while? Only time will tell.

    For Thursday’s U.S. trading session, market profile traders will want to monitor for price acceptance or rejection around the two distributions from Wednesday, and poor low at 2167.75.

    Acceptance below the lower distribution could target the unfilled gap and prominent point of control from the August 4th profile. Trading with acceptance back into the upper distribution targets Wednesday’s high and could challenge the all time high from Tuesday.

    (the above post and every post 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. Please read our disclaimer)

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