The ES gapped open above Tuesday’s pit session high on Wednesday, and very mechanically bounced from one tick above it at 2365.75, which was also (very mechanically) Monday’s low.

Trading ahead of Wednesday’s anticipated FOMC decision the market one timeframed higher in narrow range 30 minute bars for the first 7 periods, repairing the back to back poor daily highs from March 10th and 13th.

The market rallied after the release of 2pm EST FOMC rate decision, where the FED voted to raise its benchmark fed-funds rate by a quarter percentage point, to a range of 0.75% to 1%, and said it still expects to raise short-term interest rates two more times in 2017. The market was not surprised as this move was widely anticipated.

Wednesday’s market profile chart closed the session as a double distribution. Depending on where price opens on Thursday, the late pullback low at 2378.50, and single print separating the upper and lower distributions at 2374.75, could be important early market profile trading references.

Generally, If a late pullback low is not violated, there is no meaningful change in the opposite direction of the prior day’s upward trend. Acceptance above 2378.50 keeps the late upward rally from Wednesday intact. A breach of that level could easily see price test the upper distribution low at 2375.25.

Price acceptance back inside the lower distribution could see price test the opposite end of the balance, the very mechanical low from Wednesday at 2365.75, which was also very mechanically just a tick above the prior day’s high. Tuesday’s very prominent point of control at 2362.25 should also be carried forward.

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