Thursday, February 2, 2017

2/2: E-mini sp500 (ES) update

The E-mini sp500 future today swung multiple times, it ranges from 2266.75 to 2279.75 (13 points range). Following is the 1 hour chart of ES market volume profile. Several trend lines forms a triangle. Although the  price can break the triangle either way, the market profile actually showed the back and fill mode since break out at day of Jan 23rd. The most transactions happened around from 2265 to 2270 area which filled the void area from break out. It is a healthy pattern. Tomorrow 2/3, the economic news NFP will come out. This big news may trigger the break out or down from the triangle.  

Let's look at 4 hours market volume profile. Within last month, the VPOC is around 2265, and last 3 trading sessions' lows are inches lower and hold up the close above this pivot VPOC. So last several trading sessions are not very negative. 2286 is a very thin low volume area, it can act as a resistance, over it, the bull open up the field to attack up to 2293, then 2299.


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