Opening two ticks below the previous regular session’s small range, price reentered and rallied through the balanced, inside day repairing the poor high in the profile.
When C period opened at the B period high, leaving almost ten points of single prints in the first two periods below, the odds should have been good that many of those would be filled in.
The reversal in C period traded lower, mechanically, to the A/B single print at 2578.25 before bouncing and retesting the early high, but did not trade back into the 5+ points of excess from the opening period.
Value was developing as overlapping to higher, with a point of control widening to four TPO’s at 2580.25 in the fourth period that climbed to 2581.50 by the close, as the market balanced in a narrow range at the prior day’s high.
The market was also one timeframing higher from the open, not stopping until H period, lowering the odds for any significant retracement before coming off the high in the final hour of trade.
Early focus on Tuesday, depending on where the market opens, could be on the late M period pullback low at 2580.75. Acceptance below that level could test the C period low at 2578.25 and potentially trade back into and “fill in” some of the excess single prints below.
Acceptance above the pullback low and the wide point of control and settle at 2181.50/2582.00 targets Mondays high and could bring the all time high back into play.
Technically, the session closed as an outside day as price opened below the prior day’s range but closed above it, although only by one tick.
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