Market Profile Review April 28, 2026E-mini S&P 500 Futures (Jun 2026)CME_MINI:ESM2026JP_MarketProfileATH Trap & Pre-FOMC Holding Pattern: Market Profile Review April 28, 2026 NQ1! ES1! Using our proprietary Camelback TradingView Market Profile, let’s review today's price action and look at what is ahead for tomorrow. The Overnight Reversal The overnight session started with a push higher as ES notched a new All-Time High; now, both the NQ and ES have their ATHs sitting in the overnight session. However, after hitting those highs, the market dropped and inventory became net short for both, leaving us with a gap and value clearly in favor of the bears. NQ was the weakest early on, opening down nearly 1%. Daily Development The Start: We started the day with a slow grind, though ES did manage to close its opening gap. The Break: It wasn't until C-period that things really started moving, as we took out the Initial Balance low along with the overnight lows. Rotational Action: Following that move, price action from D through H-period became very rotational. Short Covering: We finally saw some short covering in I-period, which provided some decent opportunities to fade at certain levels. The Close: Ultimately, L-period wiped out any possibility of carrying over a legit Afternoon Rally High. The Scoreboard & Volume The final scores reflected the bearish lean, with NQ finishing 6-0 and ES 3-1. We saw very low volume, especially in ES, which maintained a small range throughout the session. Market Context & Balance NQ: Since yesterday was an Inside Day and today we gapped down, we are calling NQ "Down." A move above today's high tomorrow puts us back into balance. ES: Currently remains in a 3-day Balance. Monthly: The monthly is in Balance and likely won't be defined until Thursday. On Friday, the balance high becomes critical as new money typically enters for the new month. The Plan for Tomorrow It’s clear from the price action over the last 2 days that the market is in a holding pattern. Everyone is waiting for the heavy hitters: the FOMC meeting and the onslaught of Big Tech earnings tomorrow. Our plan for tomorrow is to trade the market like any other day until midday. We’ll watch for setups aligned with the MGI after the FOMC press conference. If nothing clean develops, we’ll wait to see how the market digests the news and earnings during the Globex session and seek higher-probability opportunities on Thursday. The market is coiled and waiting for a catalyst, so don't try to outguess the move before it happens. Stay patient, stay disciplined, and let the Market Profile and the MGI guide your setups. Don't start with a bias; let the data guide you.