Morning Update for Wednesday, 8/21/13

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

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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 short
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up:NG, ZS, ZW
Down:CT, HG, GC, SI


News for the day:

Existing Home Sales: 10:00a
Petroleum Report: 10:30a
FOMC Minutes: 2:00p



*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 as traders were net short in the overnight session.  Prices should test Monday's low @ 1643.25, which will serve as a support area for the bulls. If bears can push prices through the level, then the higher probability is for continued selling. On the other hand, if bulls can hold the area, then continued value will be built in the 1645-1650 range.



 Stock of the Day:Target (TGT)

*Earnings before the bell

ES Daily Trend: Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish