On Friday the S&P 500 futures respected the “ceiling” at 2061 and began a correction, as expected.
As noted on Thursday, “The 2061 level has been in place for several months. It’s an area where we can expect selling to occur.”
The downside target for the correction is the zone between 2023 and 2035. As there is a decent volume peak at 2023 on the Volume Profile, that is the presumed target.
A Note on Volume Profile
The histogram on the left side of the chart shows the volume distribution in the S&P futures for the entire year of 2014 through today. Key levels are indicated by the peaks and troughs.
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