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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