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:Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Inside
Location of price relative to market profile:At value area high
Notable overnight futures markets changes:
Up:CC, KC
Down:SI, ZC, NG, CL, ZW
News for the day:
ISM Non-Mfg Index: 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: The ES is set to open within Friday's range near the value area high. Given the price location, the test to the topside will be the previous day's high of 1705 and to the downside the previous day low of 1695.75. If prices clear the high from Friday, then edge to the bulls. There is a confluence of support levels in the 1695-1697 area so if the bears can push through and hold below, then lower prices should continue. Otherwise, if price stay in the range, then a balancing day would be likely.
Stock of the Day:Tyson Foods, Inc. (TSN)
Earnings before the bell.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
Daily Outlook
Prior Day Market Sentiment:Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Inside
Location of price relative to market profile:At value area high
Notable overnight futures markets changes:
Up:CC, KC
Down:SI, ZC, NG, CL, ZW
News for the day:
ISM Non-Mfg Index: 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: The ES is set to open within Friday's range near the value area high. Given the price location, the test to the topside will be the previous day's high of 1705 and to the downside the previous day low of 1695.75. If prices clear the high from Friday, then edge to the bulls. There is a confluence of support levels in the 1695-1697 area so if the bears can push through and hold below, then lower prices should continue. Otherwise, if price stay in the range, then a balancing day would be likely.
Stock of the Day:Tyson Foods, Inc. (TSN)
Earnings before the bell.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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