The Volume Profile Point of Control (VPPOC) at 2051 was tested intraday on Wednesday and held up well. The bounce near that level was sudden and impressive. It led to a final print above the key “ceiling” level of 2061. That’s good news for the bulls.
The new upside target is 2088. Between there and here is a low-volume “speed zone.” Price action in this zone may be unusually swift.
A Note on Volume Profile
The histogram on the left side of the chart shows the volume distribution in the S&P futures for different periods of time. Key levels are indicated by the peaks and troughs.
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