Market Profile Recap: April 23rd, 2026 and Prep or Tomorrow.E-mini S&P 500 Futures (Jun 2026)CME_MINI:ESM2026JP_MarketProfile📊 Market Recap: A Tale of Two Tides – April 23rd, 2026 NQ1! ES1! It was a highly technical and eventually volatile session today. Early on, the bulls appeared to have full control, pushing NQ to fresh All-Time Highs and bringing ES within striking distance of the Daily Balance High. However, the script flipped mid-day as a sharp long liquidation took hold, reminding traders why the "Balance Rules" are so vital to monitor. The Morning Rotation The overnight inventory was net short, but both indices opened inside yesterday’s Value. This setup typically offers poor risk-reward, and as expected, the open was defined by chop. NQ successfully captured its Maintenance All-Time High from the previous session. ES pushed toward the upper boundary of its Daily Balance Range. As ES neared that edge, it triggered Balance Rule #1: When price approaches a balance edge and fails to clear it, it is often rejected back into the range. Midday Liquidation & Structural Shifts By mid-day, the internal scores were heavily favored at 5-1 for the bulls, but the market had become "too long" and lacked fresh buyers at the highs. Triggered by geopolitical headlines regarding Iranian negotiations, the market began a rapid liquidation phase in H-period. The Flush: The liquidation intensified in I-period. NQ dropped below yesterday’s low, shifting the Daily into a balance. ES traded down to its Daily Balance low, stretching the range by 6 points but ultimately holding. The Recovery: After the initial flush, both indices rotated from K through M-period, filling the single prints created during the drop. Key Technical References Despite the late-day volatility, Value ended UNCHANGED for both ES and NQ. 7-Wide POCs: Both indices ended with prominent 7-wide Points of Control. Interestingly, the POC never migrated higher during the morning rally, which was a subtle warning sign that the move lacked structural confirmation. Afternoon Rally High: ES carries over an Afternoon Rally High in G-period. While NQ’s G-period high was technically the daily high, it remains the key level to monitor for any signs of renewed selling pressure. Volume & Range: The liquidation fueled high activity, with ES at 117% and NQ at 120% of their 20-day average volume. Looking Ahead Both NQ and ES are firmly in a Daily Balance. For the Bulls: They have a difficult task tomorrow. Today’s value is sitting at the higher end of the Daily Balance. Initiating inside previous value is always a struggle, and a failure to clear today's highs will keep the market in a rotational, choppy state. For the Bears: Sellers need to trade below today's value and aggressively attack the Daily Balance low. To cause lasting damage, they must target the previous week’s lows (25,160 in NQ and 6,826.50 in ES) to shift the Weekly timeframe out of its current "Up" status. Trading Strategy When the market opens inside a previous day’s range and value, patience is your best friend. Wait for the Market Generated Information (MGI) to define a clear direction in the first hour. It is better to miss the first few points of a move than to get caught in the meat-grinder of a balancing market. Stay objective, stay disciplined, and let the profile guide your trade location.