Tag Archives: one time framing

Low Volume Breakout of Balance

After a low volume breakout of the previous inside day the ES left another poor high on the Market Profile chart, trading back into the excess single print selling tail from March 21st.

another-poor-high

Price acceptance above Thursday’s high will continue to fill in the March 21st selloff excess, retracing the downward move and possibly challenge the previous weekly high made on that day at 2378.75, ending the month on a bullish note.

The market is one timeframing higher on the daily chart going into the last trading day of the month. Price would have to trade above 2378.75 to stop the one timeframing lower on the weekly.

If Thursday’s poor high is repaired, monitor price for continuation above Thursday’s balance, or for a potential “look above and fail” scenario.

value-area-higher

If price finds acceptance below 2358.50 and into the A period buying tail excess single prints, Thursday’s low at 2354.00 should have good odds of being tested, which would put price back into the prior balance.

During Tuesday’s rally, the late pullback low at 2351.00 (also the March 9th pullback low from the all time high) was an important trading reference. After being tested on Wednesday price rallied, although very mechanically and on declining volume, from that level. Trading below 2351.00 could bring more downside pressure.

(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. Please read our disclaimer

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Es – Look Below Six Day Balance, Short Cover Back Into Range

With overnight inventory 100% short below the previous close, an open-drive lower at the start of Thursday’s pit session left a string of excess single prints in the opening period. Selling accelerated in B period with price breaking below the low of the current 6 day balance at 2255.

Split view market profile chart:

With no early acceptance back into the previous day’s range and no immediate correction to the short overnight inventory, the ES one timeframed lower for the first four periods, but the early decline did not appear to bring in heavier selling volume and the point of control widened to 5 TPO’s wide at 2254, preventing downside continuation. NYSE daily volume was just 3.46 billion.

Price reentered the previous range and six day balance when the F period bar accelerated though the high of the less than three point inside bar in E period, short covering back through the earlier A/B period single prints. The market one timeframed higher for seven consecutive periods off the D period low.

The point of control migrated higher throughout the day, value finished the session overlapping to lower.

Depending on Friday’s open, the late pullback low at 2262.25 could provide short term support.

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