More opening chop Thursday morning as the ES pit session opened in between Wednesday’s upper and lower distributions, with A and B periods both bouncing from the high of the previous 4 day balance from 7/14 to 7/19 at 2164, leaving a poor low.
After rotating in a four point range for the first four periods the market accelerated lower through D period’s inside bar at the close of the European trading session, taking out the earlier A/B poor low and reentering the previous four day trading range.
The market one timeframed lower for 8 consecutive periods, with J period pausing exactly at the wide point of control from July 19 before finding its low of the day at 2153.50.
Value ended lower on the day, with a five wide POC migrating lower to 2160.60 from an earlier five wide TPO POC at 2166.25.
If the market opens inside the lower distribution on Friday, market profile day trading references are the late rally high at 2159.75 followed by the the low of the upper distribution’s single print at 2163.75. There is no excess on the pit session all time high at 2169.75. If price reenters Thursday’s upper distribution above 2164 potential targets are the opposite end of that balance at Thursday’s high, and the poor all time high.
Acceptance below the late rally high could target Thursday’s low, acceleration below that level could target the low from July 15 at 2149, followed by the very prominent naked point of control from July 13 at 2145.25.Share