The market one timeframed higher for 9 consecutive 30 minute periods after the opening bell, following an 8+ point gap open lower, rallying through both distributions from the prior day’s double distribution market profile chart. The early session low was just 4 ticks below the prior weekly low at 2796.00.
The late pullback low at 2823.50 could be an early reference in Friday’s regular trading session, depending on where price opens. Acceptance below that levels increases the odds of at least partially repairing some of the multiple anomalies/distributions from Thursday’s market profile chart. Failure to find price acceptance below the pullback low could keep the bullish sentiment in-tact.
The monthly jobs report is due out at 8:30 am ET before the market opens. Volatility is expected.
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