The S&P 500 made a nominal new all-time high on Tuesday, which is a bullish development. The upside target is 2118, but the irrationally exuberant gap at 2070 still beckons. Both targets will probably be attained; it’s just a question of which occurs first. Markets like to “head-fake” at times like this, so don’t assume the next little breakout or breakdown is real.
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 support and resistance levels are indicated by the peaks and troughs.
#####
If you would like to receive a primer on using Volume Profile, please click here.
