The markets did very little overnight and continue to hold these elevated levels with a modicum of rotation. This tight range is much like the base of a lamp where the more narrow it is, the easier it is to tip the lamp over.
Therefore we should define some reference points where the market may spill over in either direction. Daily highs and lows are a simple measure of balance disruption and effective, but I like to envision what a balanced profile shape would be. That way I can observe if moves away from value are normal parts of the current auction or an attempt by price to explore elsewhere.
I have drawn a few scenarios out and highlighted prices of opportunity on the following market profile charts:
Raul, what’s your take on GOGO’s action today? Probably related to CEO’s interview yesterday. I think it went really bad.
If 15.75 holds late into the week, the trade looks ripe to rip. Otherwise, it may be a loser