Tuesday, March 3, 2015

Morning Update for Tuesday, March 3rd

Daily S&P Outlook

Prior Day Market Sentiment:Bullish
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), Corn (ZC)
Down: Natural Gas (NG)



Projected ES price action for the day: The S&P continued its march higher after an up day yesterday with the Nasdaq hitting 5000 for the first time since 2000.  The S&P formed a wide range candle on the daily chart and prices are once again near the all time highs.  There has been a slight selloff during the premarket on a light news day with prices trading in the high volume node building within the 2100-2115 range.  Bias continues to be with the bulls.
 
News for the day:

*NONE*

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

S&P Daily Trend:Bullish