Split view Market Profile chart :
After a no confidence, slow pace to the open of the S&P Emini pit session Tuesday waiting for US President Trump to sign an Executive Order for the go ahead of the Keystone XL and Dakota Pipelines, the market one timeframed higher for most of the session, rallying to another new all time high at 2280.50.
Tuesday’s profile left three distributions. Treating each distribution as a separate day, or balance, price acceptance back into a previous distribution has the potential of trading to the opposite end of the balance. The profile also left a poor low at 2262.00, with no excess at the A/B period lows. In addition, the low was exactly at the prior pit session close. Mechanical trading references like these are often a sign of short term traders controlling the market and leave good odds of that price level being retested.
If price can not find acceptance below the late pullback low at 2274.25 on Wednesday, the rally could remain in tact and price could challenge the latest new all time high.
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