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Market Profile Analysis of S&P Futures – 09.12.17

traders breakfast
By
Peter Reznicek
Founder, Editor in Chief

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.

market profile

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It is common for a market to follow through a second day when you have a gap and go situation like we had yesterday. Hence the futures currently trading up 5 on overnight inventory that is 100% net long again. Keep that in mind as it gets exponentially important when it’s stacked like that.

The overnight action puts us above the 8/8 high which was the all time high. The ONH at 2491.00 is the only upside reference as there is no resistance above it.

On the downside, be on the alert for a liquidation break. There are now back to back VPOC’s below us and the one from the 9/8 session is very prominent. Continue to carry that forward. If such a break should occur remember to think in stages and judge the strength or weakness of the move by how far it goes and what checkpoints along the way it is able to cross through. Yesterday’s RTH high, yesterday’s VAH, yesterday’s POC and so on and so on.

Overall the tone remains bullish on less than stellar structure. Some confidence came into the market yesterday but it also had a lot of the hallmarks of short covering. Volume was decent which is a bullish point.

Have a great day,
peter

Written by Peter Reznicek

Peter Reznicek is the founder of ShadowTrader.net 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 asktheshadow@shadowtrader.net.

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