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Market Profile Analysis of S&P Futures – 03.13.18

Peter Reznicek
Founder, Editor in Chief

Value Areas and POC figures for /ESM8 and /NQM8 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.

market profile


Market likes the CPI data coming out this morning, giving us a gap of +8.50 currently and an ONH up at 2805.00. Note that the ONH from yesterday (which failed to get taken out in yesterday’s RTH range) was 2805.25. Obviously this level is significant.

We are not trading on a true gap as S&P futures are currently inside of yesterday’s range, also known as “in balance”. Overnight inventory is just slightly net long I would say. Not enough of any imbalance to have any import on the early trade.

In yesterday’s blog I discussed the nuances of the 3/9 market profile as having multiple distributions and yesterday’s action should be judged according to how deep prices retraced into those distributions. The answer came back “not very”. Prices never went deeper into the poor structure further than the highest two distributions. The volume POC yesterday was completely unchanged from the session before (3/9) when it migrated all the way up to within a few points of the high. This tells me that stronger sellers are simply not present here and the market is just balancing off the recent gains.

The ONL at 2786.25 is dead on VAL. Again, an obvious lack of stronger sellers and momentum longs who buy that sort of weak reference still controlling the ball. Always make note of rallies (and corrections) that start at very specific, nuanced levels.

Have a great day,

Written by Peter Reznicek

Peter Reznicek is the founder of and writer of Peter's Premarket Perspective, a morning market profile blog to help people plan their trading day and organize their thoughts before the market opens. He can be reached at

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