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Market Profile Analysis of S&P Futures – 01.03.18…

Value Areas and POC figures for /ESH8 and /NQH8 Futures are posted free every morning HERE. Click on any posts in the list on the left pane to see them in the main window. Don’t click on the ST logo as it will just refresh the page and you’ll get only the topmost post over and over. Click on the title or text.

market profile

WWW.WINDOTRADER.COM/SHADOWTRADER – CLICK TO ENLARGE

The areas circled and squared off in the market profile graphic above are important.

In the large rectangle area, there are two equal halfbacks from an RTH session and an overnight. Note how yesterday’s RTH session that directly followed those two sessions came down right to that level before turning. This is known as a “weak low” because it is a starting point for short term traders. Only those of the shortest timeframes are so precise. Longer term buyers don’t do that. They don’t know how to and they don’t care to learn because when your timeframe is three months to a year and you have two million shares to accumulate you can’t expect to buy them all at once and at exactly one certain point. Carry this level forward, it has high odds of being retested and traded down through.

There are two poor highs (small circles), neither of which were ever repaired. Today’s overnight action has cleared them and made a new all time high, however it is not considered repair unless it happens during the day session.

The little square to the far left just highlights the prior RTH high which was also poor. Note while reading, that poor highs and lows are different from weak highs and lows. The poor high or low is when the auction doesn’t complete in a proper manner with excess on top or bottom. The weak high or low is when a move begins from a very exacting, visual, mechanical, and/or nuanced reference point.

Overnight inventory is 100% net long and I am noting that this is two days in a row. The odds of a liquidation break have increased greatly with that dynamic in place.

Yesterday’s structure was poor and the POC (both volume and TPO) did not migrate higher with price. Value was overlapping to up.

-Have a nice day,
peter


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