The ES blasted through the prior 24 hour high on Wednesday. After running stops above 2113.75 algorithmic buy programs kicked in, followed by day and short term momentum traders piling on and forcing short covering. Any shorts in the market were underwater as the market one timeframed higher in every thirty minute market profile period, leaving a long, stretched out profile in its wake with multiple anomalies.

The session started out in a very sluggish, narrow range (less than a three point range in the opening period), leaving a poor A/B period low a tick above the prior day’s point of control at 2207.75. More mechanical buying in C period off the previous close, and in D period off the prior day’s high did not suggest a rally of this magnitude.

If Wednesday’s overnight session fails to put in another new 24 hour high above 2141.25, or if price gaps open higher and reenters the range, odds could favor price repairing at least some of the many anomalies in the profile, either during Thursday’s pit session or a session soon to follow.

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