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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.
In yesterday morning’s blog I said that I thought we would have an inside day. We had that which to me confirms the post FOMC price action and shows some acceptance at these levels. Overnight S&P futures action is little changed and completely inside of yesterday’s range which is saying something because yesterday’s range was pretty tight.
The TPO POC was relatively prominent yesterday at 2378.00 and we are trading right at it currently. Again, balance and fair prices.
Consider yesterday’s RTH range a balance area and as such balance rules apply. Thus the upper and lower extremes of yesterday’s range are reference points for today’s trade.
A 45 degree line could be drawn from the RTH low outwards which implies short term traders getting overly short and pressing their bet during yesterday’s afternoon session and not getting anything for it. That tends to lead to short covering and may spark a rally if futures start to move and take out the ONH at 2380.75.
Overall, I feel we are in for more of the same which is a slow grind higher over time. While an exogenous shock could come at any time and from anywhere, one cannot live or trade waiting for that sort of thing. To paraphrase Jim Dalton, “do what works until it doesn’t”.
Have a splendid day,
peter
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