Another poor high and also a poor low in the profile chart. Large gaps are rarely filled the day they after they are created, Tuesday’s low did not fill the gap from 6/1.
Momentum trading off of very visual price references has carried the market higher increasing the odds of short term liquidation breaks. Tuesday’s high was exactly at the low from 3/16, very mechanical.
Neither the high or low in Thursday’s market profile chart is very good. The market is in a two day balance inside a larger six day balance.
In regards to balance, potential trade scenarios could see price either look above or below balance and either accelerate or fail, or remain in balance. If a “look above and fail” occurs the potential destination becomes the opposite side of the balance.
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