Market Profile Analysis of S&P Futures – 02.28.18…

Value Areas and POC figures for /ESH8 and /NQH8 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.

www.windotrader.com/shadowtrader

Overnight inventory is very balanced after taking out the RTH low in the overnight session. There is a slight gap up this morning but we would be opening within range so gap rules do not apply.

Structure was actually pretty good to the downside yesterday with an even and good width profile with just minimal anomalies here and there. The volume POC did not migrate lower with price but the TPO’s show similar time spent in the lower end of the range as the upper.

Yesterday’s range came into the 2/19-2/23 balance area and closed just inside of it. The key today will be to see if there is any real acceptance below yesterday’s RTH low which would more than likely cause value to be lower and within this range. That would put the rally in further jeopardy and also increase odds that we move to 2693.50 which is the lower end of that balance area.

As of now we are trading just inside the VA from yesterday. Watch early trade to see if prices remain within the value area or reject back out and lower. On further upside, note that halfback is at 2765.75. Whenever you have a trending type of day or expanded range it’s good to note halfback as a possible turning area.

I’m considering 2750.00 to 2742.00 in yesterday’s RTH range as a spike. Price trading within or lower than the the spike today confirms those lower prices, price rejecting higher does not.

Last trading day in February so keep that in mind. Could be some shenanigans going on.

Have a nice day,
peter