Traders were still buying pulllbacks as the ES traded to another new all time high in the regular trading hour session. After the second straight gap higher opening, the new record high was set in the opening minutes, but fell short of testing the new Globex all time high at 2476.25, made prior to the opening bell.
Choppy trade in and out of the prior day’s range followed after a sharp break in C period repaired the remaining anomalies from the previous session’s profile.
Thursday’s profile left an 11 TPO wide point of control at 2472.75. Value was higher on the day, and all trends remain up.
The all time ES 24 hour high is now at 2476.25, created in Wednesday’s Globex session. Although they can last for some time, all time highs made in an overnight session have always eventually been revisited during a regular trading hours session. If price opens above Thursday’s POC on Friday and offers early support, the Globex all time high could be the destination. If developing value remains higher nothing would probably have changed in regards to the current market condition, all trends are up.
If, during the session, price trades through the all time high and value is not migrating higher, there is the possibility of a “look above and fail” scenario if sellers are waiting at the all time high.
If price opens below the POC, and value develops as overlapping to lower from the prior session’s small value area, odds probably suggest price trading within a three day balance.
Thursday’s late K period pullback to 2470.50 was exactly at halfback, another sign that shorter term traders were apparently in control. The market closed two ticks above that level. Acceptance below the prior close could easily target the C period single print buying tail, and possibly Thursday’s low. There are two gaps below the market, from July 18th at 2458.50 and July 11th 2427.25. Acceleration below Thursday’s low targets Wednesday’s low at 2461.25, the prior all time high, and potentially the first gap fill at 2458.50.
July 21st is the third Friday of the month, there could be added volatility due to monthly options expirations.
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