The E-mini S&P 500 has experienced a decrease of about 0.2% and is currently trading around 4419. The market previously exhibited a volume profile structure with multiple distributions and closed with an outside bar, suggesting a potential shift in market dynamics towards balance. There is a possibility of absorption driving the market above the recent highs, leading to a potential pullback to establish a bracketing area. The current market momentum seems to favor buying.The dollar has shown little change and a slight decrease, coupled with positive volatility at the moment, could contribute to a balanced approach. However, the higher VIX (Volatility Index) could exert some pressure. Several single-print areas in the chart may serve as support, resistance, or targets to be filled.On both the weekly and daily intervals, the market has traded slightly into the previous swing highs. There’s potential for absorption, which could lead to a pullback. This pullback could serve either to change the market bias or to reload on core long positions. The outcome depends on the development of the long-term monetary policy, which currently appears to lean towards a more hawkish stance.(Click on image to enlarge)More By This Author:
E-Mini S&P 500 Navigates Multiple Distributions And A Potential Shifting Market Context
