Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net Short
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up:CC, PL, SB, GC
Down: NKD, NG, ZC
News for the day:
NONE
Projected ES price action for the day: The ES made all-time highs yesterday as prices did a "look up and see" to 1688.5 before pulling into the base that has been developing for the past week. As for today, the market is set to open below value area low (1683) and above the previous day low (1677.5). If prices move up, look for a test of acceptance into the value area which should set up for a more balanced, range-bound day, especially with no major news on the calendar. However, if prices can clear the previous day low, then the natural targets would be the VPOCs at 1671 and 1664.75.
Stock of the Day:Google, Inc. (GOOG)
Afterhours earnings
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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