*For FREE lessons on the Ichimoku Cloud and how it works, check out my other
blog-
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: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: at POC
Notable overnight futures markets changes:
Up:
Down: NKD, SI, GC, CL
News for the day:
Personal Income: 8:30a
Chicago PMI: 9:45a
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: Neutral. The ES is set to open inside the value area, meaning that neither the bulls nor the bears have an edge and that prices are at the fairest level to do business. Watch for a test of the previous day's high and low to see if either side can gain some traction. For now, the market is setting up for an inside day especially given that is the Friday before a holiday weekend which tends to produce more balanced price action.
Stock of the Day: Salesforce.com (CRM)
Earnings after the bell last night
ES Daily Trend: Neutral
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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