Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up:CC, NKD
Down:6J, CL, NG, SI, HG
News for the day:
Housing Starts- 8:30a
Petroleum Status Report- 10:30a
Beige Book- 2:00p
*Red highlight indicates that the news is a market moving event;
yellow highlight indicates that the news merits attention
Projected ES price action for the day:
The market should open near value area low. Watch for a test of the range between 1665.5-1667.5 as there is a confluence of support here. If prices clear the range, expect a flush of selling to the next support level at S2 pivot (1659.5). Otherwise, if buyers step in at the open, then the natural price movement would be to the value area high (1673.5). Big Ben will be speaking at 9a which could be a moving and shaking announcement.
Stock of the Day:Yahoo, Inc. (YHOO)
Earnings reported last night (.35 Reported vs .30 Est EPS; 1.07 Bil Reported vs. 1.08 Bil Est Rev.)
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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