The ES gapped open higher to begin the week, breaking out of the prior multi-day trading range.
Multiple anomalies in the market profile chart are often a sign of more emotionally driven and shorter time frame momentum traders. At least some of the anomalies have good odds of being revisted in a soon-after trading session, if not in the next.
The late pullback low at 2769.50 could be an early trading reference on Tuesday, continued acceptance above that level could test the excess single prints above 2780.50 and possibly Tuesday’s high. Acceptance above the high could target the unfilled gap from 2/1, 2/2.
Price acceptance back below the pullback low could at least suggest a potential balancing day developing, and/or a possible test of the prior trading range high, and the gap fill from Friday.
Monday’s rally was not on notably high volume. NYSE daily volume was just over 3.2 billion.
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