TPO Analysis on ES - Double Distribution

Looking at the daily TPO on the E-mini S&P 500 we can observe a double distribution profile with an open inside of value in the lower distribution. The market found support at the excess low and surged to the higher extreme of the mentioned distribution. To be noted is the current unsecured swing high which could be revisted.

There are three possible scenarios - a rotational behavior inside of the distribution - a break higher to fill the low volume area - and a break lower to continue the sell off movement. Volume based we can identify a b-shaped profile which should be handled as a bullish pattern but we opened inside of value, therefore its better to see how the market will react around the balance/distribution extremes.