*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: Outside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: GC, 6E
Down: SB, NKD, Indexes
News for the day:
Personal Income & Outlays: 8:30a
Consumer Sentiment: 9:55a
*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 opened below value area and below previous day low. As a result, watch for a test of 1685.75 as the line in the sand. If prices lift above, edge to the bulls and a balancing day can be expected inside value area. However, if there is continued selling, the profit targets should be the daily/weekly pivot levels at 1680.25 & 1678.5 respectively.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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