Analyzing the weekly volume profile perspective of the E-mini S&P 500, there has been a gain of approximately 3.5% this week. The current profile structure exhibits a double distribution, with a low volume area in the middle that might serve as a supportive level. Additionally, there is a single print area from the prior week, which could also be a target for traders. On the daily timeframe, the market has been one-time-framing higher for several days. However, there is some weakness observed around the weekly swing highs, which might lead to a balanced market behavior.Volatility has been decreasing throughout this week, which has provided support to the market. However, the index is currently around a key support level, which could lead to a rise in volatility, potentially putting pressure on the market. Furthermore, the strengthening dollar suggests a bearish bias. Traders should keep an eye on the possibility of targeting the swing highs for absorption purposes.Looking at the daily profile structure, it appears to be p-shaped to balanced, with the bias leaning towards the point of control (POC) close level. Traders should monitor the extremes for potential rotational scenarios. Depending on the trading auction above the POC, the price may move higher, while an auction process below the POC could initiate short selling. These dynamics should be carefully considered when making trading decisions in the current market environment. More By This Author:Market Observtions On E-Mini S&P 500
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