Market Profile Analysis of S&P Futures – 09.05.17…

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Value Areas and POC figures for /ESU7 and /NQU7 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.

http://www.windotrader.com/shadowtrader

Congrats to anyone who joined me on the twitter trade to short /ES on the close on Friday. I was able to cover some on my phone at a barbecue for over $11 dollars per contract. The conditions that led to the gap down are laid out in detail in the short 8 minute video below. I highly recommend it if you missed it.

Note how the ONL (from Sunday night) basically filled the gap, give or take a couple ticks. Again (for the thousandth time) this is a market that is trading mechanically and there is little evidence of longer term players involved. Since then we had a very shortened session (that little baby profile) and another full overnight session. Note how two lows of these sessions are both higher than the Sunday night overnight low. We should not be surprised since this is the usual M.O. of the market. Get it higher seems to be the only mantra it knows.

In analyzing this morning’s situation, ignore the baby profile completely. I always do. To me the market is trading on a gap down from the Friday RTH low of 2473.00. Both Friday’s low and high were poor and are in need of repair. Carry both forward until they happen.

Gap rules apply.

Overnight inventory is 100% net short, again ignoring the shortened RTH session from yesterday.