Monday’s rally followed through, as expected, and managed to close well above the key 2027 level, after a brief morning test. That this level was surpassed, despite a large opening gap, reflects well on the bulls.
The presumption is that we now go up to test the 2051-2061 level from below.
However, a second test of 2027 before attempting that major assault would not be at all surprising.
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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