Another low confidence, balanced trading session albeit with abrupt moves in B, D and F periods. NYSE daily volume was very light at under 2.8 billion.

If price opens within this range on Tuesday, any breakout of either side of the balance could have better odds of continuation if price first tests Monday’s wide point of control at 2180.25. But if slow summertime trade continues the market can remain range bound until volume returns.

Potential targets if the market breaks to the downside could include the prior weekly low at 2165.50, and the bottom of the unfilled gap from Aug 4th at 2163.50.

Potential targets if an upside breakout occurs could include the prominent point of control at 2189.25 from Aug. 15th and all time high at 2190.75.

While there is excess on the all time high on the daily, weekly and monthly bar charts there is no excess on the pit session market profile chart, as it is a “poor high” at three TPO’s wide.

(the above post and every post 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. Please read our disclaimer)