After setting another new record high in the overnight trading session at 2747.75, Monday’s regular session opened inside the prior day’s range, above the late spike in the profile at 2735.00. Overnight highs and lows are always references for the following day trading session.

Price one timeframed higher from the opening period until reaching the overnight high, to the tick, in J period, and formed a double distribution in the profile chart above 2745.00 before setting another new regular session all time high at 2748.50 in the final 30 minute period.

With two unfilled daily gaps from the prior week the risk for longs appears to be high, which increases the odds for at least a short term liquidation break. But the market is still one timeframing higher on the monthly chart, 13 consecutive months, and all trends remain up.

Looking at each of Monday’s distribution as a separate balance, depending n where price opens, balance trading scenarios could apply: look either above or below a distribution and find acceptance higher/lower, look above or below a distribution and fail – targeting the opposite end, or remain in balance (probably lowest of odds).

There are only two ticks of excess at the new all time high, but depending on where price opens on Tuesday, there could be significant excess on the daily bar chart. Something to carry forward if a liquidation break does occur.

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