Another small daily trading range to begin the week, just 7 points:

Focusing on the 4 ticks of excess below the new all time high at 2557.75, and the close at 2556.25, if price can not remove the excess and continue its daily grind higher on Tuesday, the wide point of control at 2553.25 and prior recent daily lows could become the potential targets.

Poor lows on the Market Profile chart in need of repair are at 2550.25, 2546.00, 2542.75. Traders are still buying every break, so until any liquidation break or more serious selling comes in scare out any weaker hand longs and stop the one timeframing higher on the daily chart, volatility in the market remains absent.

Monday’s NYSE daily volume was very light at just 2.78 billion.

(the above post and all posts 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. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)