Monday, January 26, 2015

Morning Update for Monday, January 26th

Major Support/Resistance Levels- ES

Daily Outlook

Prior Day Market Sentiment: Neutral
Overnight Inventory Change: Net short
Inside Day/Outside Day:Outside
Location of price relative to market profile:Below value area
Notable overnight futures markets changes:
Down: Natural Gas (NG)

News for the day:

10:30a: Dallas Fed Mfg Survey

*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 ES opened below the value area and the projected price action is lower, especially given the early selloff at the open.  If prices continue to trade below Friday's low (2043.5), there could be a selling day that trends for the day.

ES Daily Trend: Neutral/Bullish