Market Profile Analysis of S&P Futures – 10.13.17…

Value Areas and POC figures for /ESZ7 and /NQZ7 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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I’ll keep it short and sweet this morning as there is little to say. Value was completely unchanged and we are slated to open within balance again, both in relation to yesterday’s RTH session and the larger range which is going back six sessions now.

The same upside reference that I mentioned yesterday at 2553.50 applies today. It is the all time high and now has multiple sessions (RTH and other) resisting right at it. My thought yesterday was to pare down longs due to the increased chances of a larger liquidation break as the multiple poor highs continued to stack. While that can still happen, pre-market indications are still firm and pointing to repair instead. As this is an important turning point, be on the lookout for the “look above and fail” trade. I’m not talking bearish or even expecting it, I’m saying it because most traders get caught up in the moment of new all time high breakouts and forget about these setups. Then the market rotates to the lower end of the balance and you are either caught long or have done nothing. Been there, done that, met James Dalton, don’t do that anymore.

I’ll leave it there, on that note…….
-peter

PS: In our premium webinar today at 3pm EST I’ll be discussing exactly where and when and what the market will do to tell us that the rally is over. You can still join us by signing up for either of our Options Advisories HERE. My set of subscribers got 10 texts from me yesterday paring down longs into strength, all in real time with copies straight from my Filled Orders in the monitor tab. We’re having a lot of fun together.