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:Net long
Inside Day/Outside Day:Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up:SI, GC, CL
Down:NG, NKD, ZC
News for the day:
Existing Home Sales: 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 look to open near the previous week/all-time high of 1690.50, which is the key level for the day. If the market generates momentum above the level and spends time there, it is a clear indicator that bulls are driving prices higher. However, if the market opens above the level, but is quickly rejected back into Friday's range, then the next point of support is at the value area high of 1685.75. The main news for the day is existing home sales at 10a, a red star event, so keep a close eye on price volatility and location once the news is released.
Stock of the Day:Netflix, Inc. (NFLX)
Reporting after the bell on Monday after making 52 week highs last week
Reporting after the bell on Monday after making 52 week highs last week
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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