The indices experienced some selling early the morning and quickly reached oversold levels which are now in the process of working off as the United States wakes up.
Since our Sunday globex open, the S&P futures have been trading mostly flat in a very balanced and evenly distributed manner. This makes it difficult to envision any specific scenarios for today because all of the distributions are complete. Therefore we must focus our attention on the bracket extremes to gauge whether the market is coming out of balance and by which parties hand.
We are currently prices to open outside of yesterday’s value, but still within yesterday’s range. If the sellers can reject our value area from yesterday, we may see acceptance lower which would suggest a change in conditions from this current bull brigade, a subtle shift we should be aware of should it occur.
I have highlighted key price levels on the following market profile charts as well as displayed the very balanced trade occurring on a 24 hour profile view:Twitter