Market Profile Analysis of S&P Futures – 05.31.18…

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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Futures very balanced ahead of the open with a symmetrical overnight distribution that is almost all within the uppermost of the three distributions that you see in the market profile graphic above. Overnight inventory is balanced to slightly net short. As of now, the futures are trading down 5.75 but within yesterday’s range so not a true gap. Trading opportunities are probably later rather than earlier.

Carry forward the poor structure of yesterday’s advance which had a strong short covering component to it. What I believe is more important is the look below and fail of the last two sessions put together. The odds now favor a move to the opposite end of the range at the 2742 area.

The single print sections of the profile that reside outside of the blue boxes in the picture above are important today. Note their highs and lows as they are often turning points especially in a market such as this one which is controlled by shorter term players. As I write this, futures just slammed lower in a quick spike and that spike stopped dead at halfback. Again, short term players. That ONL by the way is 2715.50 and is the downside reference for today’s session.

Have a great day,
peter