Trader's Daily Notebook: Keep an Eye on Responsive Buyers

Friday's quadruple witching expiration turned out to be a complete snooze fest, with the E-Mini S&P 500 futures (Es) trading roughly one million contracts over a 9.5-handle range. The only positive that came out of Friday's Es auction was scalpers had an opportunity to fade the opening strength against our 2380.25 day timeframe pivot, and/or or get long against the 2374 to 2375.25 support zone. Aside from those two ideas -- which, let's face it, really only appealed to the day timeframe scalpers in the audience -- Friday's auction was a waste of time.

S&P 500 -- 5-Min Volume Profile
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As we begin a new trading week, it's important we take a moment to recognize how the prior one ended. As you study the five-minute intraday chart above, note where Thursday and Friday's trading took place. The space between the two areas shaded in blue represent nearly all of Thursday and Friday's activity. That space also represents the area between Wednesday's value area low (the lower bound of where 70% of Wednesday's business occurred) and volume point of control (VPOC/Value). Put another way, we spent the last two days of the week more thoroughly auctioning the thinly auctioned area left over from Wednesday's post-FOMC meeting announcement price surge....306 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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