Monday, March 2, 2015

Morning Update for Monday, March 2nd

Daily S&P Outlook

Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up:Soybeans (ZS), Euro (6E)
Down: Crude Oil (CL)

Projected ES price action for the day: The S&P has maintained balanced price activity with Friday marking the fifth straight day of consolidation near the highs.  As referenced in the weekend video, this price pattern is more of a bullish sign because buyers are propping up the market at record levels while volume is being built within the range.  Look for continued balance before there is a breakout in volatility for the next move higher/lower.
News for the day:

8:30a: Personal Income and Outlays
9:45a: PMI Manufacturing Index
10:00a: ISM Mfg Index
10:00a: Construction Spending

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

S&P Daily Trend:Bullish