Thursday, March 5, 2015

Morning Update for Thursday, March 5th

Daily S&P Outlook

Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: Natural Gas (NG), Crude Oil (CL)
Down: Bonds (ZB), Corn (ZC)

Projected ES price action for the day: The S&P sold through the important 2100 support level and spent the majority of Wednesday trading below it.  What was once support now becomes resistance.  Trading has been net positive during the premarket and the offers have been lifted to the bottom of the high volume node between 2100-2115.  The open will be key to measure how aggressive the bulls will be in bringing the market back into the balancing area.  Intraday tone is neutral.
News for the day:

8:30a: Jobless Claims
8:30a: Productivity & Costs
10:00a: Factory Orders

*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention

S&P Daily Trend:Bullish