I’ve highlighted a few pieces of market profile context to keep in mind this week as we wade into earnings with the market on the verge of all-time highs during peak summer heat. A reasonable amount of back-and-fill would build round out the Gaussian distribution from Friday, taking us back down to 1664 without doing any real harm to the charts. Even if we continue higher today without fulfilling this expectation, I suspect it will remain as unfinished business in need of reconciliation.
Overnight however, we’ve see the market working higher, buoyed by in line economic data from Asia which sent their bank stocks soaring higher. As the US wakes up and begins to digest this news we will see them pressing the futures in either direction.
The last two sessions have built up plenty of energy, and we’ve been on the buy side of momentum for almost two weeks. It’s just something to keep in mind.
I’ve highlighted a few pieces of support in the following profile chart:
