Two ticks of excess on the latest new record high in the ES could be considered a “good” high. There currently is excess on all time frames – on the daily, weekly and monthly bar charts, but only ticks of excess on the market profile TPO chart probably leaves good odds that the auction higher has not ended.

Auctions usually end with a more aggressive counter auction that leave either buying or selling tail, or through simple exhaustion. When excess (the tail) is created, it could mark the end of one auction and the beginning of a new one. With simple exhaustion, the momentum just ends.

The ES is in its 13th consecutive month of one timeframing higher. The longer term trend remains up. The weekly chart is also back to one time framing higher, now in it’s 4th week. The daily chart is one timeframing higher for 5 consecutive sessions.

For signs of any potential meaningful change, value should begin develop lower and the excess at the high would have to hold. One timeframing higher would have to stop.