The Cloud Trader: Morning Update (7/16/13)

Tuesday, July 16, 2013

Morning Update (7/16/13)

Major Support/Resistance Levels- ES

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

Daily Outlook

Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up:ZC, KC, ZW, ZS, HO
Down:NKD

News for the day:
Consumer Price Index- 8:30a
Treasury International Capital- 9:00a
Industrial Production- 9:15a
Housing Market Index- 10:00a

*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 near the Point of Control (1677.75). As a result, prices look to test either the value area high to the topside or value area low to the downside. From there, the next levels would be the previous day high/low. There are 2 red star news events which could shift trading sentiment and set the tone for the trading day ahead.