Tuesday, January 27, 2015

Morning Update for Tuesday, January 27th

Major Support/Resistance Levels- ES

Daily Outlook

Prior Day Market Sentiment:Bullish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: Natural Gas (NG)
Down: Crude Oil (CL), DX (Dollar)

News for the day:

8:30a: Durable Goods Orders
9:00a: S&P Case Shiller Index
10:00a: New Home Sales
10:00a: Consumer Confidence

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

Projected ES price action for the day: The S&P has been selling off strongly in the premarket, approaching Monday's low of 2034.5.  If Tuesday turns into an outside day, continued selling pressure is expected as the market looks to potentially reverse course from the longterm uptrend.

ES Daily Trend: Neutral/Bullish