Wednesday, November 09, 2016 7:16:05 AM
/ES emini futures $2081 to 2105 = fair value, where over a long time period much volume has been transacted
(SPY $208.11 = the 16-hour day + extended sessions multi-month decline low on Friday November 4, 2016 ... one seller at 57k SPY volume size lowered his Ask side order price at least 5 times to get his fills from the Bid side late Friday p.m.)
* bears need to hold the December /ES price action permanently below the /ES $2081 level, or the bulls are going to run the bears over with upside price action eventually
two of the Volume Nodes with lowest volume in several 100 points of price range include $2021 and $2121, meaning a push back up eventually to $2121 will either reverse there or immediately advance above $2121 just like we have seen price action now continue to hold below /ES $2121 since declining below the level
... if approached from above in the future hours/days then ditto for the $2021 /ES level which resides below today's November 9th Globex low so far, as of 7:15 a.m. Eastern
read up on High and on Low Volume Nodes using the longer time frame for calculating the Volume Profile chart .. I have some info. posted in prior years at one of the boards I moderate here at IHub
Link to a post I made in 2012 explaining how to interpret the approach of a Low and a High Volume node by actual price action -
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=76220543
** Important for bias going forward - the SPX daily closes chart shows the SPX 200-day sma has not seen a daily close below the moving average since June 2016:
(SPY $208.11 = the 16-hour day + extended sessions multi-month decline low on Friday November 4, 2016 ... one seller at 57k SPY volume size lowered his Ask side order price at least 5 times to get his fills from the Bid side late Friday p.m.)
* bears need to hold the December /ES price action permanently below the /ES $2081 level, or the bulls are going to run the bears over with upside price action eventually
two of the Volume Nodes with lowest volume in several 100 points of price range include $2021 and $2121, meaning a push back up eventually to $2121 will either reverse there or immediately advance above $2121 just like we have seen price action now continue to hold below /ES $2121 since declining below the level
... if approached from above in the future hours/days then ditto for the $2021 /ES level which resides below today's November 9th Globex low so far, as of 7:15 a.m. Eastern
read up on High and on Low Volume Nodes using the longer time frame for calculating the Volume Profile chart .. I have some info. posted in prior years at one of the boards I moderate here at IHub
Link to a post I made in 2012 explaining how to interpret the approach of a Low and a High Volume node by actual price action -
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=76220543
** Important for bias going forward - the SPX daily closes chart shows the SPX 200-day sma has not seen a daily close below the moving average since June 2016:
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