Looking at The Structure Across All Timeframes

The Nasdaq futures are trading a touch higher overnight in a session which printed a quiet, slightly imbalanced market profile.  Initial Jobless Claims and Continuing Claims came in worse than expected at 8:30am but we saw no reaction from the market after the news.  We have Philadelphia Fed at 10 am, and the Natural Gas report at 10:30am which may affect any energy trades.

Yesterday reads like two different sessions on the market profile.  There was the normal variation session before FOMC, and the trend day after the session.  Our expectation after a trend day is that we are likely to see balance near the upper end of the trend

Taking our eyes out to the long term, I want to point out two items.  First, we are trading near prior swing highs.  We are coming into prior swing highs with strong buyer thrust.  How we handle these prices will be very telling going into summer.  On the second chart, I have plotted monthly profiles to exhibit the lack of structure behind our most recent upward move.  This is a caveat to the recent upward action, something I keep in the back of my mind but always consider.  See below

Finally, and perhaps the most pertinent to swing trades (2-12 days) is the intermediate term auction.  Prices are back inside the uppermost distribution of action.  Buyers need to sustain trade above 3784.50 to keep us from a harsh revisit of our prior balance.  Sustaining trade above this level would be constructive and suggest the strong initiative force which drove us from this balance on 06/12 has changed, as has sentiment.  See below: