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S&P 500 Futures (/ES) Market Profile for Thursday, 03/08/2018. **Contract Roll /ESM8 (June18)**
- Value Area High – 2724.50
- Point of Control – 2717.75
- Value Area Low – 2706.50
- Pivot Point – 2723.00
Good Morning, $ES_F as of this writing at around 7:00 am EST, the market would be opening Out of Balance higher & above VAH of 2724.50. Overnight inventory in my eyes is pretty much 70% net to the long side with futures currently up 5.25 points as of this writing.
Things to note this morning, S&P Futures from yesterday was Bullish & it’s still balancing in the larger Micro High Volume Node/Trading Range as it rotates from the lows to the highs, highs to the lows, rinse-and-repeat. With that said, today should be easy bearing some bullshit news doesn’t come out. Yesterday’s Measured Move target just conveniently sits around Range High’s for a target for the Buyer’s. So I know the objective, it’ll just be how to navigate through the price action in order to get great trade location, optimize profits while using proficient risk management. I’ll see you on YouTube.com/TeamDayTrader at 8:30 am EST for the #LIVE version to give more context.
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 2724.50 ish & needing to hold/stay above 2717.75 ish level. For the Seller’s, I think as long as price is above 2717.75 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 2717.75 & hold a pullback before selling this market short. So let’s recap, dips should be buy-able till price below 2717.75 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 2727.50, & if price closes above 2736.75 or below 2717.75.
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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