Morning Update for Thursday, 8/22

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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:Bullish
Inside Day/Outside Day: Inside
Location of price relative to market profile: Between POC & value area low 
Notable overnight futures markets changes:
Up:NG, CT, DX, Indexes
Down: ZC, ZS, 6J, ZW, 6S, ZB, 6E


News for the day:

Jobless Claims: 8:30a
PMI Manufacturing Index: 8:58a




*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention


Projected ES price action for the day: Prices look to open within the value area after yesterday's roller coaster in price action after the FOMC minutes.  The overnight volume is mostly long so the bulls will look to generate momentum and lift prices above the value area high of 1648.75. Sellers will look to test the 1636 level and if the bears can gain some traction the next level of support is at 1630.

 



 Stock of the Day:  Abercrombie & Fitch (ANF)

*Bearish cloud break heading into earnings

ES Daily Trend: Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish