This is the developing distribution off the June low. ES (Sep). The Value Area Low (VAL) at 1642 cannot necessarily be relied on for Support but interesting that ES has paused here. Note that the VAL and VAH will move if the poc of this distribution (currently at 1686) migrates.
![S&P emini price distribution off June low](https://chartprofit.com/wp-content/uploads/2013/08/SP-emini-price-distribution-off-June-low-300x245.gif)