Tag Archives: pullback low

ES Rally Off Overnight Low Leads to Outside Day

After a volatile premarket session following the U.S. Presidential Debate, the ES pit session opened within two ticks above its previous low, quickly accelerated lower to two ticks below the overnight low, and reversed back into and through the previous day’s trading range. Price was not accepted below Monday’s low.

The low at 2132.75 added another potential weak layer to the grouping of the similar lows from 9/19 – 9/21.

rally-off-overnight-low-leads-to-outside-day

After a volatile first three periods the ES rallied in D period, one timeframing higher through I period before stopping exactly at the overnight session high at 2154.00.

Tuesday’s point of control migrated higher throughout the session with value developing overlapping to higher from the previous day.

Price was accepted above Monday’s high, briefly dipping back into the previous range in M period but reversed and rallied back to the high into the close.

The M period pullback low at 2148.75 could be an important short term trading reference on Wednesday. Acceptance below the single print at 2148.50 could see price rotate back through Tuesday’s lower distribution.

Acceptance above the 2148.75 late pullback low could easily test Tuesday’s high, which could be considered a weak high because it was also exactly at the overnight high. Acceleration and/or acceptance above 2154.00 could easily test the prior trading range high at 2158.00. There are also two naked points of control at 2162.50 and 2169.25.

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ES Stalled at Midpoint of Range

Price rallied off the open of Monday’s ES pit session, stalling at and later pulling back to the approximate midpoint of the prior multi day trading range and leaving a three TPO wide selling ledge at 2178.25 in L, M and N periods.

short-covering-back-into-trading-range

Value ended the day overlapping to higher, with the point of control also migrating higher intraday from an earlier 5 TPO wide at 2177.25 to 8 wide at 2179.25 by the close, but NYSE volume was very low at just 2.65 billion suggesting shorter term traders in control with no continuation of the earlier apparent short covering move.

2178.25 could be a go/no-go level. Monday’s market profile chart left a poor high at 2182.25. Any downside break should probably be looked at more cautiously if the high isn’t repaired first, monitoring one timeframing for potential continuation lower.

Accelerating through Monday’s high could target the prominent point of control (2187.75) and all time high (2191.50) from Aug. 23rd.

ES Daily Chart
multi-day-trading-range

(the above post and every post 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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ES sells off after petroleum status report, recovers to half back late

ES-selloff-after petroleum-report

After a slow grind higher to 2012 and leaving 8 points of single prints in the first 30 minute trading period Thursday, price pulled back in B period to exactly half-back and tried to rally again, but buyers couldn’t get price back above the B period high. C period started selling off ahead of the EIA Petroleum Status Report due out at 11 am (EST), which was to cite a 2.25% lower crude ouput production.

More selling in D period saw price re-enter the previous day’s range, following crude oil’s lead, one timeframing lower for 7 consecutive 30 minute market profile periods before I period briefly stopped the one timeframing. But the next two periods saw price continue lower to 2081.75, a few ticks below Wednesday’s pullback low and 20 points off the high of the day before short covering back exactly to the day’s half back level, and closing the session at 2092.25.

The market left an unfilled single print at 2093.75, the previous day’s close, and another poor low at 2081.75.

Depending on where the market opens on Friday, Thursday’s late rally high at 2092.25 to the single print at 2093.75 could be early trading references for the pit session – acceptance below those levels could target the poor low, but Friday’s pre-market features the monthly employment report at 8:30am (EST) which is sure to provide volatility before the market opens. Acceptance above the high from Thursday could at least see price test the overnight session post Brexit recovery high from July 3rd at 2004.75.

(the above post and every post 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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