Market Profile Report

After gapping open higher on Tuesday, an emotionally driven short covering rally took price above the previous week’s high at 2077.50, to 2079.75, and closed just below that level at 2078.25.

However, even a spike from crude oil’s inventory report on Wednesday couldn’t get price to more than a tick above Tuesday’s close, and the market one then timeframed lower most of the day on Wednesday, revisiting all of the anomalies left from Tuesday, and selling off into the close and re-entering Monday’s range.

On Thursday, opening within Wednesday’s lower distribution or below targets the next downside references at Monday’s very prominent point of control at 2053.50, followed by the single print at 2047.00, which is the lower end of Friday’s upper distribution and Monday’s balance. Acceptance below that area targets last week’s low at 2033.75 and April’s low at 2026.00, challenging the monthly one time-framing.

To the upside, trading and being accepted back into Wednesday’s upper distribution and above the wide point of control at 2071.25 could target the mechanical selling level at Wednesday’s high and Tuesday’s poor high. But first price would have to be accepted back above 2061 – a single print that also aligns with Tuesday’s low.