We printed a very balanced, very symmetrical profile overnight as it appears the broad market is on pause awaiting the GDP and Fed data. We had a rotation higher overnight the stalled before the 1688 level I mentioned earlier as the bull target. Sustaining trade above this price could bring in the buy flow at an accelerated rate. I’ll be looking for price to run up to 1694 in this instance.
We auctioned back through Monday’s inside day yesterday and found buyers in the process. The auction was healthy and produced a quality excess low we can monitor if any weakness presents itself today.
Should we trade lower, our expectations would be for buyers to show the same reactive nature at 1678, if they don’t show up, I’ll be on guard for liquidation lower, retesting Friday’s low at 1670.50.
I’ve noted these observations of the following market profile chart:
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