Tag Archives: half back

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.



(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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Early Liquidation Break Ends Weekly One Time-Framing Higher, Short Covering Late

early liquidation break, short covering late

Early selling at the open intensified as price repaired previous multiple poor lows on the daily Market Profile charts, but falling short of repairing the the poor lows from 10/9, 10/3.

Apparent short covering off the G period two-tick excess low rallied price back 17 points to one tick below the A period single print.

The selloff gained momentum after price broke through the prior three day balance low and bounced back exactly to that level and halfback from A period, suggesting the move lower was initiated by shorter time frame momentum traders.

The late rally high at 2558.75 could be an early important trading reference on Thursday, acceptance back above that price level and into the upper distribution probably targets Wednesday’s high and potentially the very prominent point of control from 10/24 at 2567.50, and the poor high from that profile at 2570.25.

Failure to find acceptance back above 2558.75 could keep the downward tone from Wednesday in tact. Price had stopped one timeframing higher on the weekly chart on Wednesday. For more potential serious change price would have to trade below a prior weekly low at 2539.25 and test the current October low.

Price has been one timeframing higher on the monthly chart since the November 2016 Presidential election, if it can close near the October low at 2517.50 by the end of the month the odds could be good that the monthly one timeframing would be challenged in November.

The current all time high was made in the overnight electronic session at 2577.25, something to carry forward as to date, any all time high made in the Globex market has always been traded through during a regular US hour trading session. Although, however, it can remain untested for quite some time.

(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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