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S&P 500 Futures (/ES) Market Profile for Wednesday, 11/22/2017.
- Value Area High – 2598.75
- Point of Control – 2598.00
- Value Area Low – 2596.75
- Pivot Point – 2595.25
Good Morning, $ES_F as of this writing at around 7:15 am EST, the market would be opening just In Balance & almost right at POC of 2598.00. Overnight inventory in my eyes is pretty much 85% net to long side with futures currently up 2.00 points as of this writing.
Things to note this morning, S&P Futures from yesterday was Bullish with what looks to me as a Spike & Range, telling me to look for Range Rotation, buy the low, sell the high, & don’t fuck with the middle. My juicy Trade Plan in which I’d love to see happen would be able to catch a trap low of the range for a great buying opportunity going back to re-test the high. One last note, which most probably know or have heard already is more than likely low volume before the holiday, so don’t expect large range, catching 5-8 points today would be a gold star.
Going into today (after looking at price action from overnight), I believe levels that need to hold today for Buyer’s to stay in control today are an Initial Support Level of 2593.50 ish & needing to hold/stay above 2588.75 ish level. For the Seller’s, I think as long as price is above 2588.75 ish going into today, not much chance for the Seller’s. “If Aggressive”, your looking for Buyer Failure (if noticeable) at today’s Key Resistance Level’s above on Team Day Trader Worksheet to sell short. Otherwise I would look for price to break below 2588.75 & hold a pullback before selling this market short. So let’s recap, dips should be buy-able till price below 2588.75 ish, below gets vulnerable & a chance for Seller’s to take back control.
Your focus should be on levels & where value develops. Levels to watch price action today are going to be the reaction around 2598.00, & if price closes above 2600.50 or below 2595.25.
Don’t forget, **Sequence = Failure, into Strength, into Pullbacks, and back to retest the Highs or Lows. CONTEXT is extremely important. Do not trade any setup mechanically and expect to have good results. Always judge the strength of any directional move in terms of market internals, overall pattern, tempo, & where the current range sits in relation to prior areas of balance.
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