Wednesday, April 15, 2015

Morning Update for Wednesday, April 15th

Daily S&P Outlook

Prior Day Market Sentiment:  Bearish
Overnight Inventory Change:Bullish
Inside Day/Outside Day:Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: Crude Oil (CL), Natural Gas (NG), Dollar (DX), Gold (GC)
Down: Euro (6E) 

Projected ES price action for the day:The S&P has pushed through yesterday's high during the premarket and is poised for a test of the swing pivot high set on March 20th.  The market cleared the trendline resistance and is in a longer term consolidation pattern.  The profile references show the ES bouncing off the VPOC from April 13th.  Intraday tone is bullish.
News for the day:

8:30a: Empire State Mfg Survey
9:15a: Industrial Production
10:00a: Housing Market Index
10:30a: Petroleum Status Report
2:00p: Beige Book Report
4:00p: Treasury International Capital

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

S&P Daily Trend: Neutral