Market Profile Chart November 15, 2106
Late rally in J period leads to multiple distributions. Value finished higher on the day but did not migrate higher with the rally.
Depending on Wednesday’s open, acceptance in Tuesday’s upper distribution above 2074 could be the early focus. The all time high at 2184.50 is in striking distance if price can find acceptance above Tuesday’s high.
Acceptance below 2174.00 should repair the profile anomaly around 2171.00, and test the lower distribution high/single print at 2169.75. Often, if price exits one balance area and re-enters another, the potential destination trade is the opposite side of the balance.
Market Profile trading references below Tuesday’s low, should price find acceptance below 2163.00, are Monday’s naked point of control at 2160.25 and low at 2152.25. An unrepaired poor low, two TPO’s wide, remains at 2147.75 from November 11th.
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.
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.