The E-mini S&P 500 is trading with little change, hovering around 4564. The market closed the prior week with a double distribution to a p-shaped volume profile structure. Market participants appear to have found support around the low volume area, which is currently being filled. The Point of Control (POC) might act as a selling level in today’s session, while the extremes may serve as support or buying areas depending on the ongoing auction process. Today’s session might exhibit rotational scenarios between the extremes of the upper week’s distribution.
Looking at the weekly volatility and the dollar index data, we can observe that both closed in the negative, which might be a supportive factor for this week. Currently, volatility is trading negatively, which could be seen as a selling sign, while the dollar is trading lower, indicating a possible mixed market behavior for the current observation.
Turning our attention to the daily volume profiles, we can see absorption behavior around the lows of the previous balanced inside day. This could indicate a bullish stance for the market. An inside day failure for higher prices in the next session is possible, while a break below the lower extreme could lead to selling pressure in the auction process.More By This Author:US Stock Futures Unchanged As Traders Return From Thanksgiving Break
Analyzing Market Behavior: E-Mini S&P 500 Weekly And Daily Perspectives
E-Mini S&P 500 Navigates Multiple Distributions And A Potential Shifting Market Context
