*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment:Bearish
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: --
Down:SI, GC, NG
News for the day:
PMI Manufacturing Index Flash: 8:58a
*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 gave back nearly all the gains after the Fed announcement on Wednesday. As a result, 1700 will be a significant level to watch both because it is a whole number as well as the level where prices were at before the Fed news. 1707 is the POC so expect range bound action while price is in the value area.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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