Morning Update for Friday, August 9th

*For FREE lessons on the Ichimoku Cloud and how it works, check out my other blog-

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: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up:CL, ZS
Down:CC, NKD, ES


News for the day:


Wholesale Trade: 10:00am


*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 lower with the majority of the overnight volume to the sell side.  Bulls will look to protect the previous day low of 1684.5 and, if there's a selloff, 1677-1679 will be key. If buyers step in at the open and lift the offers, then the higher probability would be for chop inside the value area.

*Dotted white lines indicate virgin point of control (VPOC)

 Stock of the Day:Priceline.com Inc. (PCLN)

Earnings after the bell last night

ES Daily Trend: Strongly Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish