Tag Archives: TPO

Balanced, Inside Day on Last Trading Day of Month, Quarter

Balanced, inside day on the last trading day in the month and quarter on Friday. Price failed to trade below the previous day’s excess single prints at 2358.50 until the final half hour period.

Friday’s high at 2366.75, also the weekly high, was exactly at the prior day’s poor high (no excess TPO’s).

poor and weak high on market profile chart

Depending on where price opens on Monday, balance trading rules could apply: look above or below the one day balance and accelerate or fail, or remain balancing.

One potential “look above and fail” day trading scenario could see price repair the back to back poor/weak highs at 2366.75 and fail, returning back into the two day balance to test Friday’s low at 2357.75. Acceptance below that level would stop the one timeframing higher on the daily chart and would probably test Thursday’s 2354.00 low.

Lower potential price targets, should selling intensify, are the March 29th low at 2348.75, March 28th single print at 2342.75 and single print and prior trading range low at 2131.50.

If/when the market finds acceptance below the 2332 prior support level and if there is more serious selling pressure, more extreme levels could include the March 28th low at 2318.00 and unfilled gap (eventually) from February at 2312.75.

To the upside, acceptance above Friday’s poor high keeps the short term uptrend intact and would stop the one timeframing lower on the weekly chart, potentially targeting the remaining single prints and 2378.75 high from March the 21st selloff, and 3 daily highs above that level, including the March 16th poor high at 2384.50, which was mechanically at the upper excess level from the March 15th recovery high.

The all time S&P 500 Emini high on the March contract is at 2398.50. It is also a “poor” high.

(the above post and all posts 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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