Morning Update for Thursday, 8/29/13

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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: Bullish

Overnight Inventory Change:Net long

Inside Day/Outside Day:Inside

Location of price relative to market profile: Near POC

Notable overnight futures markets changes:

Up: NKD, DX

Down:SI, CL, 6E, 6J, GC

News for the day:

GDP: 8:30a

Jobless claims: 8:30a

*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. Prices are set to open within the value area so choppy price action is expected. If prices rise above the previous day high of 1639.25 then edge to the bulls and if prices sell off below 1624.75 then sellers will look to continue the bearish momentum. Watch the speed and tempo of the tape at these levels and at value area high/low. 

Stock of the Day: Vodaphone (PAY)

*Up 8% in premarket trading

                                                  ES Daily Trend: Neutral

                                                       ES Weekly Trend: Bullish

                                                ES Monthly Trend:  Strongly Bullish