Tag Archives: trading range

Breakout of Balance to Begin Week



breakout-of-five-day-balance

The ES gapped open higher to begin the week, breaking out of the prior multi-day trading range.

Anomalies in market profile chart
Anomalies in market profile chart

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.

breakout of balance, late pullback low

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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Seven Day Trading Range

Wednesday’s high is exactly at the prior close and midpoint of the trading range:
 high of day exactly at prior close and range midpoint
Wednesday’s low failed to fill the gap from April 24th at 2374.00.

Price acceptance below the prominent point of control and close from Wednesday (2382.25/.75) could target Wednesday’s low at 2375.50 and potential 2374.00 gap fill. Acceptance into the April 24th balanced profile targets the poor low from that day at 2365.75, and potentially the gap fill from April 21st.

Acceptance above the point of control and prior close on Thursday targets Wednesday’s mechanical high at 2386.00, a weak reference. Trading above 2386.00 would stop the daily one timeframing lower, targeting the highs from May 1st & 2nd, and potentially the trading range high.

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