S&P 500 emini futures day trade ideas for Monday, May 16
Although I do not have access to a Market Profile indicator on TradingView , I've shaded in the areas (on a 30 minute bar chart) where I see two separate distributions from Friday's double distribution trend day selloff.
If the market opens Monday in the lower distribution, I would look to enter a day trade short if price rallies to the high of this balance and fails, re-entering the lower distribution below 2047.75 with a stop above 2049.25 (back inside the upper distribution). There is also a single print at 2051.25 and may be a more attractive spec short, as that level could be considered the "spike base" from Friday's earlier 3rd period low.
Short targets would initially be Friday's low, and possibly to test last week's low at 2033.75. If that weekly low fails it opens up the possibility of trading down to 2026.00, which below that would stop the one time-framing higher on the monthly bar.
If price opens Monday in Friday's upper distribution ideally I would look for a long entry if price trades down to 2047.75 with a small stop just back into that lower distribution, with initial profit target of 2058.75 - where mechanically two 30 minute periods sold off from (mechanical because it was Thursday's close).
With declining NYSE volume Friday of 3.5 billion, Friday's selloff could be attributed more to weekly options expiration, and the market could be very short. With any trade monitor for continuation, and look out for a possible short covering rally.
If the market opens Monday in the lower distribution, I would look to enter a day trade short if price rallies to the high of this balance and fails, re-entering the lower distribution below 2047.75 with a stop above 2049.25 (back inside the upper distribution). There is also a single print at 2051.25 and may be a more attractive spec short, as that level could be considered the "spike base" from Friday's earlier 3rd period low.
Short targets would initially be Friday's low, and possibly to test last week's low at 2033.75. If that weekly low fails it opens up the possibility of trading down to 2026.00, which below that would stop the one time-framing higher on the monthly bar.
If price opens Monday in Friday's upper distribution ideally I would look for a long entry if price trades down to 2047.75 with a small stop just back into that lower distribution, with initial profit target of 2058.75 - where mechanically two 30 minute periods sold off from (mechanical because it was Thursday's close).
With declining NYSE volume Friday of 3.5 billion, Friday's selloff could be attributed more to weekly options expiration, and the market could be very short. With any trade monitor for continuation, and look out for a possible short covering rally.