Wednesday, January 28, 2015

Morning Update for Wednesday, January 28th

Major Support/Resistance Levels- ES

Daily Outlook

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

News for the day:

10:30a: Petroleum Status Report
2:00p: FOMC Minutes*

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

Projected ES price action for the day: Yesterday's price action was indicative of the wide price swings we've been seeing in the markets the past couple of weeks.  After a large gap down and continued selling pressure during the morning session, the afternoon saw green screens in bringing prices above the open.  Today is the FOMC minutes announcement and the high probability is for choppy price action during the morning session before additional volatility comes into the market at 2:00p.

ES Daily Trend:Neutral/Bullish