Morning Update for Thursday, August 8th

*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: Bearish
Overnight Inventory Change:Bullish
Inside Day/Outside Day:Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up:ZC, ZS, SI, Indexes
Down:NG


News for the day:

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: Yesterday saw a selloff in prices right into the high volume area range of 1681-1683, which will be a key location to carry forward that bulls will look to protect. Based on overnight activity, the market is set to open above Wednesday's range. Consequently, if there are buyers at the open the key resistance zone is at 1705. On the other hand, if bears are active, the first support level is the previous day high of 1689.5 and is where the bulls/bears will draw a line in the sand for the day. 

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


 Stock of the Day: Tesla Motors, Inc. (TSLA)

*Earnings after the bell last night. See blog post for details

ES Daily Trend: Strongly Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish