Friday, March 6, 2015

Morning Update for Friday, March 6th

Daily S&P Outlook

Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near POC
Notable overnight futures markets changes:
Up: Crude Oil (CL), Dollar (DX)
Down: Euro (6E), Corn (ZC)

Projected ES price action for the day: Today is the all-important jobs report to be announced at 8:30a.  This red star news event brings added volatility to the markets as longer time frame traders and fundamental traders enter positions looking to capitalize on the macroeconomic situation.  The past two weeks of trading activity has been primarily balancing near the highs and the report could provide the catalyst to spring the S&P from the 2100-2115 range. 
News for the day:

8:30a: Employment Situation
8:30a: International Trade

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

S&P Daily Trend:Bullish