The Cloud Trader: Morning Update (7/15/13)

Monday, July 15, 2013

Morning Update (7/15/13)

Major Support/Resistance Levels- ES

*Highlighted region(s) denote strong area(s) of support/resistance

Daily Outlook

Prior Day Market Sentiment:Neutral/Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: NKD, NG
Down: ZC, ZW, CL, 6J

News for the day:
Retail Sales: 8:30a
Empire State Mfg Survey: 8:30a
Business Inventories: 10a

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

Projected ES price action for the day: Prices should open between value area high (1671.25) and the previous day high (1674.25). If prices react positively to the premarket news, look for a test of the previous day high. If prices are accepted above this level, then the next target would be a VPOC at 1676.75 and above. However, if sellers step in, there should be a test of the value area high. If prices are accepted into value then the higher probability would be for the market to be setting up for a balancing day.