*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Neutral/bearish
Overnight Inventory Change: Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile:near POC
Notable overnight futures markets changes:
Up:--
Down:SI, GC, CL, NG
News for the day:
Producer Price Index: 8:30a
Retail Sales: 8:30a
Consumer Sentiment: 9:55a
Business Inventories: 10:00a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: You have got to love the choppy price action we saw yesterday on a contract rollover day. It resulted in another balancing day, so a breakout can be expected soon in one direction or the other. Prices look like they will open right near the POC, so two sided trading is the higher probability at this point. Bulls have had a challenge getting the ES above 1683 so that will be the key level to the topside. On the downside, 1675 will be a support area as it is yesterday's low and also where volume is starting to build up.
*Large volume coming in
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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