Balance trading rules could again apply to the S&P E-mini on Tuesday. With no clear direction from longer timeframe participants the ES pit session is trading inside just a 12 point, two day balance near its all time highs.
Potential trading scenarios are:
1) Look above the two day balance at 2295 and accelerate to, and potentially through, the all time pit session high at 2296.50, possibly testing the Globex all time high at 2299.50.
2) Look below the two day balance and accelerate, filling the gap from February 2nd at 2279.75 and possibly retesting the back to back prominent points of control from Feb. 1/2 at 2272.50/.75.
3) Look either above or below the two day balance and fail – with the opposite end of the range, and potentially beyond, being the destination trade.
4) Remain within balance.
(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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