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Market Profile Analysis of S&P Futures – 04.03.18…

Value Areas and POC figures for /ESM8 and /NQM8 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.

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2588.50 to 2638.00 (RTH) is one large spike where futures traded down without much time spent at each price level indicative of emotional selling. These spikes offer limited resistance on the way back up if traded through. Use this as a starting point for what the market “should” do.

Overnight inventory is 100% net long. The gap is not a “true” one as current premarket indications are putting us squarely within yesterday’s range. It has more import in the context of yesterday which was such a bearish one with negative internals. Was it a one day flash in the pan or will sellers return today for round two? The market is caught in the larger context of the “h” pattern which is always the cause of often irrational swings.

Value was clearly break away and clean to the downside. Currently futures are trading right around the beginning of the spike. Early trade will give us plenty of clues as to what exactly the market wants to do. An early failure to take out the ONH and move more definitively into the spike is a shorting opportunity. Early strength that takes out the ONH on good tempo and volume may be a buying opportunity. Volatility has increased greatly so day timeframe players in the /ES should adjust stops and targets accordingly.

Have a nice day,
peter


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