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:Net short
Inside Day/Outside Day:Inside
Location of price relative to market profile: Between value area high & POC
Notable overnight futures markets changes:
Up:SI, GC, 6J
Down:NG, NKD, ZS
News for the day:
Pending Home Sales: 10a
Dallas Fed Mfg Survey: 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: The ES is set to open within Friday's range after prices explored both higher and lower levels before closing near the highs. The 1670 area continues to be a main area of support and where a large amount of volume has been traded at the past week. If the bears can push prices through and it spends time there, then the bears will have it for the day. Otherwise, we should continue to see sideways to up action with a test of Friday's high (1689) until new, longer term buyers reenter the market.
Stock of the Day:Herbalife, Inc. (HLF)
Earnings after the bell
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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