The globex market opened up Sunday evening without much fanfare and has drifted sideways-to-lower overnight in a balanced manner. As of this writing, the futures are off about 3 points from Friday’s close.
We’re entering a week of moderate headline risk with the S&P 500 hanging around all-time highs. The buyers may attempt to carry their Friday momentum into today’s session and their first matter of business is sustaining trade above 1688.50 where the liquidation break began last Wednesday. If they’re able to accomplish this target, I’ll be on the lookout for a swift trade to 1690 then 1694.50.
Looking at the 24-hour profile, it suggests we’re accepting the large value area from early Friday morning and may work back through it to ensure the marked has sopped up all the buyers below. Bulls will want to see the market significantly slow down in the heavy volume range from 1679.25 – 1678. If we blast right through that range it would suggest a shift in sentiment and a possible retest of Friday’s ‘buy the dip’ lows.
I’ve highlighted the levels mentioned in the above scenarios in the following market profile charts:
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