Major Support/Resistance Levels- ES
*Highlighted region(s) denote strong area(s) of support/resistance
Daily Outlook
Prior Day Market Sentiment:Neutral/Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: At value area low
Notable overnight futures markets changes:
Up:ZW, 6J
Down:NKD, CL, SI, NG
News for the day:
Consumer Sentiment: 9:55a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Yesterday, the ES built value right at the confluence zone of 1684 which will be a key reference area today. If prices rise above then the bulls will be lifting the offer and prices should test yesterday's high. If there is liquidation through the 1674.75 level with momentum then the higher probability is for further selling to continue with the next major level of support at 1666.5.
Stock of the Day:Amazon, Inc. (AMZN)
*See blog post for details
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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