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Market Profile Analysis of S&P Futures – 03.16.17…

Market Profile Value Areas and POC figures for /ESM7 and /NQM7 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.

Aren’t stock prices supposed to decrease if interest rates increase? I used to think that too, but in this world of alternative facts, that’s not the case anymore as futures tacked on about 20 handles yesterday most of which was thorough an early gap and then late day rally after Janet dropped 25 basis points on that a–. Close your eyes here if you can and think about that last sentence with her dressed really gangsta and looking defiant at 2:01 EST yesterday and screaming, “Whut!”

market profile

Bias is firmly back to the upside now with value and range expanded yesterday. That being said, FOMC moves are often reversed soon after so “monitor for continuation” closely today.

The poor high of 3/1 is still up there and is the eventual upside target.

Structure was poor yesterday with the profile being rather thin.

Overnight inventory is net long, not 100% so but quite net long. Am noting that the ONH only took out the RTH high by a few ticks before coming back into range. We could be setting up for a balancing day today.

On weakness today I would be paying attention to where we find acceptance inside of yesterday’s range.

Have a nice day
peter


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