Tag Archives: weak low

Two Poor Highs and a Weak Low. No Volatility Following FOMC Minutes

poor highs, weak low market profile charts
Consecutive daily poor highs, and near matching lows from 8/16, 8/17 show short term traders in control for summer trading.

No fireworks following the release of the FOMC minutes on Wednesday, with the market seemingly ignoring another round of detrimental news regarding the President from his former attorney, Michael Cohen. Price corrected the very short overnight inventory (the Globex session low was at 2846.25), trading in a lackluster 12 point balanced range during the regular hours trading session.

Wednesday’s regular session low was exactly at the the prior day’s half back level, a very visual short term trading reference, and probably has good odds of being revisited.

Price acceptance above Wednesday’s one day balance and poor high targets the no excess high from 8/21 at 2874.00, and potentially the all time high.

Acceptance below the 8/22 range could target the single print from the 8/17 double distribution at 2848.50, and potentially the near matching lows from 8/16 and 8/17 at 2834.75/2835.00.

Other potential scenarios regarding Wednesday’s balance could see either a “look above or below balance and fail”, with price targeting the wide point of control and possibly the opposite end of the balance, or remain in balance in or around the prior range.



(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. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: