Morning Update for Thursday, 9/19/13

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 long
Inside Day/Outside Day:Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up:GC, SI, ZC, NG, CL Indexes
Down: 6J



News for the day:

Jobless Claims: 8:30a
Existing Home Sales: 10:00a
Philly Fed Survey: 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: Big Ben does it again. Prices soared yesterday after announcing that QE is still on the table.  As a result, the ES will open above Wednesday's high (1723.75) and value area. The higher probability is very much with the bulls given the FOMC catalyst, but watch for some profit taking at the open and test of 1723.75 before initiating any long trades.

Stock of the Day: Priceline.com (PCLN)- reached $1,000 yesterday

ES Daily Trend:Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish