This chart was made using volume profile to try and capture areas of interest and bigger picture over all.
We broke into this range June 12th, held above and that gave us a test higher where we found our first good resistance and sold back down to the break out area where we ran out of supply to go lower and price came back inside Value.
End of the month once we took the stops over the middle of Value that gave us short covering and a move outside of Value but that was a Friday before a holiday so went sideways and closer to RTH we broke back inside taking the stops to give us the flush.
Selling looked strong but we never broke VAL instead we found the bid that took us back towards VAH where after we took the stops from previous failed break out it gave us the buying to take us into resistance.
What can we see now? Well few things that stand out here, so far this was 1st test of resistance, can see we got extended away, it was done during Globex hours when volume is lighter and its much easier to move the price around.
We hit the top of double value area, came back in, tried to break out and failed. All this kind of tells us that there is chance this is failed break out away from this range for now, this also tells us that now we can possibly target the middle of this doubled value area and if we break that we could target the bottom of it which would put us back around 4490s-80s for this week with maybe a bounce from there?
I think we have to see here how long it takes for us to come back in as we could potentially find some support here and do some chop unless we get some size selling that will break it quicker. Another question is will we break it after just first rejection from the high or might we try to make another run towards 4540s before we get back under 4525-08 IF we get back at all, of course we could pull back, consolidate and make another push over the high but so far its not ready for that and we have those lower stops lined up around 25-08 area that if we take could give us more selling towards 4490-80.
We could also take the stops, find support around 4500 to take us for another push towards 4525 that would build up some more supply to take us down towards support.
This 4550-4480 is our balance area going into this week until broken and we trade within it.
Levels to Watch Intraday :
Current Support 4528.50-4519
Current Resistance 4551.25-4543.75
Targets if we build up enough to break
Support if we Break Current : S1 4512.75-05.50 // S2 4487.25-79.75
Would need to see a break of 79-75 and hold under for Continuation Lower
Possible to find support at S2 or Before around 4495
Resistance if we Break Current : R1 4562.50-70
Key area would need to see break for anything over.