This chart is the full session E-mini chart. Please note that...

This chart is the full session E-mini chart. Please note that the two slim opaque rectangles on this E-mini chart represent true gaps per the ES futures. They are drawn using the high and low prints of adjoining RTH (regular trading hour) sessions.  The green rectangle represents that area of poor structure from last Wednesday's Fed Chair rally.

 

I mention it because the market profile ( as expressed in characters representing  the time and price structure) of the S&P futures offers clues about what is in the mind of those participating in the regular session auction and the overnight, low volume follow-through.  The tick for tick action isn't necessary when trying to point out how much interest there was at certain intraday points relative to previous sessions.

 

I am trying to get a clean way to snip a picture of a futures profile, but it is very sprawling and I am having trouble fitting it into something that gives context. Today's session vs the 26November session and vs the frail intraday action on 28 November is worth noting.   Basically what happened is the futures contract plumbed the depths and went into intraday low - consisting of single prints of 26 November, but obviously not all the way to the 2603 low.  The overnight session has touched the base of the 28 November area of single prints, or 2698.   The ride from Fed Chair testimony day last Wednesday to the 2814 intraday high of Monday had weak areas and now traders are watching to see if things balance out.   The most important thing on my screen today was the above mentioned reversal near the October low.  The snap back was quite vicious.