Friday, August 16, 2013

Morning Update for Friday, August 16th

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http://thecloudtraderlessons.blogspot.com/

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 long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below POC/above value area low
Notable overnight futures markets changes:
Up:NKD, CT
Down:NG, ZC

News for the day:

Housing Starts: 8:30a
Productivity & Costs: 8:30a
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/bearish. Prices are set to open inside yesterday's value after the big selloff on Thursday. Prices generally tend to balance on days after high volatility days, unless there is extreme selling like back in 2008-2009. Edge still to the bears as they were finally able to pull prices lower than the 1680-1685 high volume area.

Stock of the Day: