We’ve had several instances of overlapping profile development recently, and it made me miss my old school market profiles. So I’m bringing them back, yes yes, very exciting.
Thursday featured a large gap lower that was steady accumulated all session only to be followed by Friday’s holiday tape which also gapped lower and was accumulated all day. Friday’s profile was contained entirely inside Thursday’s which is aka an inside reversal pattern.
I wanted to merge the two profiles into one after seeing their volume characteristics. Once I’ve done so, I get a clear picture of the auction that took place at these prices, and the relevant levels to monitor.
I also split the big selloff into the early distribution and the change.
I’ll be monitoring the following levels as we open up this morning:
