Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment:Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up:NQ, ZC, GC
Down:NG, 6J
News for the day:
PMI Manufacuring Index: 8:58a
New Home Sales: 10:00a
Petroleum Status Report: 10:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: 1690.5 continues to be the key level to watch the past few days as prices continue to spend the most time and volume in the area. Anytime prices rose above it, the bears stepped in and drove prices back into the daily range, allowing for more balanced days this week so far. This price action is saying that the bulls are continuing to prop prices higher but there is less momentum due to the below average daily volume. As a result, the ES could breakthrough it's previous day high of 1694 and explore higher levels in which case watching volume coming in to the markets will be key. Otherwise, if the markets sell off at the open like yesterday, then look for a test of the value area levels. AAPL earnings last night should be a catalyst in the markets, especially on the Nasdaq, in addition to the new home sales report coming out at 10a.
Stock of the Day:Apple, Inc. (AAPL)
*See previous blog post for full earnings analysis
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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