The ES opened inside the previous day’s narrow 9 point balanced, trading range the on day ahead of Wednesday’s Fed meeting.

Market profile chart split view:

Selling from the open, the first trading day of November saw price trade through the wide point of control and poor low from Monday’s profile, grinding lower through the prior weekly low at 2112.50 and taking out the 2107.50 October low.

The market one timeframed lower through J period eventually filling the gap on the daily chart from July 7th at 2095.25 before putting in a bottom at 2091.25, and quickly short covered back through the psychological 2100 level.

Tuesday’s emotional selloff left multiple anomalies and distributions in the market profile. Potential trading references to focus on early Wednesday could be the late rally high at 2108.50 and the multiple distributions separated by the single prints. Heavy volatility could be expected following the release of the Fed minutes at 2 pm EST..

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