volume profile 04/23

What is the market doing ?

1. 9 of the last 13 days show red and the down days are on bigger volume than the up days.

2. Price did not seem interested in the last upper balance. Price looking for buyers lower.

3. Lack of overlap in the value areas (the shaded area blue on 3 small histograms) – 1386.25 was sold heavy last week.

4. The black line 1371.5 separates the previous 2 profiles.

5. The thick yellow line is key for supporting volume – developing VPOC for all price above 1329 this year. IF price continues to slide today then 1353.5 has decent volume and is support but 1340.25 appears stronger – due to the time spent there and volume built in an area that the market looks like it wants to move to.

Updated, close up: b shaped profile. Globex is 279k and very heavy on the lower end failed 1363/65 support. CLVN support 1358.5.

Mr Top Step:

The price action in the S&P 500 is speaking louder than words this morning. We have said time and time again that a possible retest of the 1352.75 low could be coming our way and it looks like that this morning.


My watchlist.


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