Another new record high in the S&P 500 emini leaves late day spike, excess, poor low in market profile chartShare
Price sold off below the low from Friday, repairing the poor low in the market profile chart.
Price acceptance below the base of the spike at 2666.25 could keep the selloff tone in-tact, possibly testing the buying tail below 2624.50 single print.
There was no outside day as price closed back within the prior day’s range. Value ended the session as overlapping to higher. Price acceptance back above the spike base could see price at at last attempt to repair the anomalies in Monday’s upper distribution.
The market had been one time framing lower on the daily chart for seven consecutive days. One timeframing lower occurs when price fails to take out the prior day’s high by more than a couple of ticks. It is not uncommon for price to stop one timeframing for one day to allow the market to come back into balance before the one timeframing process resumes. An inside day does not negate one timeframing.
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