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S&P 500 Futures (/ES) Market Profile for Friday, 11/17/2017.
- Value Area High – 2588.75
- Point of Control – 2584.75
- Value Area Low – 2581.50
- Pivot Point – 2582.75
Good Morning, $ES_F as of this writing at around 6:45 am EST, the market would be opening just In Balance & almost right at VAL of 2581.50. Overnight inventory in my eyes is pretty much 95% net to short side with futures currently down -3.00 points as of this writing.
Things to note this morning, S&P Futures from yesterday was Bullish with a Spike & Channel, telling me to look for a deep pullback to attract more Buyer’s at lower prices. Then using Seller-Failure Patterns coinciding with Key Levels to buy back up to re-test the high & then leave a trailer target up to finish the week with some bonus money at the prior week high.
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 2578.25 ish & needing to hold/stay above 2571.75 ish level. For the Seller’s, I think as long as price is above 2571.75 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 2571.75 & hold a pullback before selling this market short. So let’s recap, dips should be buy-able till price below 2571.75 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 2581.50, & if price closes above 2589.50 or below 2573.75.
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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