Friday, February 27, 2015

Morning Update for Friday, February 27th

Daily S&P Outlook

Prior Day Market Sentiment:Neutral
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near POC
Notable overnight futures markets changes:
Up: Crude Oil (CL)
Down: Bonds (ZB), Dollar (DX)

Projected ES price action for the day: The S&P has continued to trade near the all-time highs after another balancing day yesterday.  The majority of Thursday's volume traded near the point of control, a sign that short term traders are leading the way for the time being.  Combined with the below average daily volume, it is clear that the market is building momentum for the next directional move.  Tone continues to be more bullish until proven otherwise.
News for the day:


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

S&P Daily Trend:Bullish