Sunday, November 27, 2016

Thanksgiving Holiday Review

Last Week

Volume Action
$TVOLSPC (ES) and TVOLNDC (NQ) diminished with the Thanksgiving Holiday (Expected)

Market Profile Action

The NQ Futures on Thursday and Friday settled amongst the three prior day’s Points of Control.  This would seem reasonable.

The S&P Futures on Thursday and Friday drifted to All Time Highs.  This movement coupled with the light volume suggests the work of a Short Time Frame Operator moving price higher with little resistance to deal with.   I would expect on Monday, that this operator sell.

1 year view

The Nasdaq (NQ)  Futures are still trading within it’s Barnacle Island.   This island is becoming “extremely” pronounced - I would expect price action to 1) Return to the prominent Point of Control 2) Trade around this point to widen the distribution.

The S&P (ES) Futures has broken above Point of Control #3 and made All Time Highs on weak volume.  This should be grabbing people’s attention.    Look for price to 1) test at prior highs before going long on stronger volume, 2) Retreat back into POC, 3) Dwell here on thin volume.