*For FREE lessons on the Ichimoku Cloud and how it works, check out my other
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Major Support/Resistance Levels- ES
*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Outside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up:NG, ZC, ZS, NKD, ZW
Down:SB, HG, CL
News for the day:
NONE
*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 below the value area, near Friday's low price. As a result, the bears will look to continue the selling momentum that was generated from last week. No major news today so the likelihood is for short term traders to be in play which would mean that pivots & market profile levels will be important to watch.
Bearish cloud break
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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