Market Profile Analysis of S&P Futures – 04.17.17…

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.

I have some detailed comments on the profile in the video below. Check it out if you missed it.

Futures currently gapping up 2 points on overnight inventory that is about 95% net short. The structure of the low end of Thursday’s distribution tells me that there could be a few people short in the hole near the lows. The volume POC didn’t migrate lower with prices in that session which was an expansion of range to the downside. Value was only overlapping to down.

2332.75 is the ONL and is the main downside reference. There is clearance below us technically to move lower towards the 2322.25 spx cash low. A breach of the ONL may set up that directional play.

ON the upside, my first focus will be 2331.50 which is VAL. If we find acceptance back inside of Thursday’s value area that would lead me to believe that value will be overlapping once again which is an important piece of information.

Today will be all about acceptance versus rejection. Thus far overnight trade has rejected a move below Thursday’s RTH low.

**I’m on SquawkBox for Brad all day today…**