Day in Review

Overall it was a weak day on both sides, but to the trained eye several things of note occurred.  Opening with high potential, A period decently rallied after failing to fill the gap.  After B couldn't make a new high, it was a slow roll downhill, with value moving downwards for most of the day (the point of control ended being at exactly 1/2 back the range, which is rather neutral).  Continually selling off of the same price area (12.5 to 11.5) it finally cracked down, attempting to fill the gap again.  By this time the PoC was very thick, any meaningful departure would require quite a bit of strength, which the market didn't have today.  Instead it mechanically bounced off the opening print, all the way back to the top of the sell-side price area at 12.5 before falling back down into the close.

Day, market profile, and 1/2 chart with markup

Observations:

-We have a poor high 5 pts from the life high, up auction still not complete
-We have likely buy stop order concentration above 12.5, only 2.5 pts from the poor high
-We have a very fat PoC that will likely pull price towards it at some point in the future
-We also have a weak pullback low in H,I periods which is likely to be taken out to the downside
-We also have a gap to fill and a prominent PoC from 5/1 at 93.5 that is likely to be revisited as well

Keep these observations at hand when the market opens tomorrow.