The S&P e-mini broke out of the prior four day trading range on Thursday, setting a new all time high at 2207.75.
The new high can be considered a poor high, with no excess at two TPO’s wide. Depending on where price is at Friday’s open, the upper distribution between 2301.75 and 2207.75 could be an early market profile trading reference. Potential trading scenarios could see price look either above or below the distribution and accelerate, or look above or below and fail, targeting at least the opposite end of the distribution.
The combined short term reference of Thursday’s close and point of control at 2304.00 could provide early clues to attempted direction.
Acceptance below 2301.75 could see price trade back into the excess single prints and repair the two anomalies from Thursday’s poorly structured profile. The prior all time high and single print at 2296.25/50 could be short term support.
(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. Please read our disclaimer
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