E Market Recap On E-Mini S&P 500

Glaring at the daily TPO structure we can quite quickly see the previous balanced profile and an open inside of value. With this setup, we were able to expect a rotational day with support/resistance at the balance extremes. With this in mind to lean us on the extremes and looking at today's behavior, we can see the support at the lower balanced extreme which surged the market higher to dip into new all-time highs in the US (RTH) session. The momentum to explore even more is still intact as we can on that unsecured high which should be cleared soon enough. However, we should keep in mind the unsecured low on the previous profile as well as on today's profile. The surge higher was also confluent with the developing VAL level from the weekly VWAP chart on which we trade above value.

Interesting enough: Current volume profile is p-shaped (bearish at open below distribution) while the TPO profile is kind of b-shaped profile (Bullish at open above distribution). We'll need to see how the market develops to the close and where the market will open tomorrow to have new clue about the potential scenarios.

(Click on image to enlarge)

(Click on image to enlarge)

A look at the volume at price chart (footprint) before the surge higher:

(Click on image to enlarge)

 

Visit our trading community to learn a more indepth analysis process with various tools such as the VWAP or Footprint chart.

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