Market Profile Analysis of S&P Futures – 04.23.18…

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Small gap up into Friday’s range this morning. Not a true gap, so gap rules not in play. It’s interesting that the overnight futures opened on a very large gap of about 11 points right on the Sunday night 6pm EST open. Since then they have traded in a large range completely inside of Friday’s RTH range.

There is a spike from 2679.50 to 2694.75 on the upper part of Friday’s distribution. Spike rules apply. Acceptance within or above the spike is more bullish, acceptance below the spike is more bearish. Within the context of the larger spike which I’m defining by the range just mentioned, there are of course single prints whose tops and bottoms may also act as inflection points. I believe for the market to have any legs to the upside today, the lower end of the spike needs to be taken early and prices must hold above there and develop value within the spike or higher.

Overnight inventory is very balanced so there is really no early indication of what prices might do.

As there is no true gap and overnight action is so balanced, I’ll leave it here. In the larger context, remember that the large weekly reversal bar is on the charts and it will either follow through to the downside this week or not. If you haven’t seen it, it’s below.