Tag Archives: wide POC

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.



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Single prints revisited, rally into close

wide-point-of-control-and-rally-into-close

After an open-test-drive to fill the gap early Tuesday, the ES spent most of the day filling in some of the excess single prints from the previous two trading sessions, but price did not get acceptance back into Friday’s range until the K period rally took out the earlier poor high from B period.

If the ES opens Wednesday within Tuesday’s range the base of the late day spike at 2018.25 could be an early day trading reference, if more serious money was involved versus just short term short covering that level should hold. But the mechanical price level at the L and M period lows suggest short term traders buying at that level. Tuesday’s trading range could be looked at as a double distribution, with two separate balance areas.

Tuesday also left another prominent point of control at 2012.25, near the May monthly low. Very wide points of control, or the “fairest price”, are often revisited in future trading sessions.

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