*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: Inside
Location of price relative to market profile: Near value area high
Notable overnight futures markets changes:
Up: NKD, ZS, SI, NG, ZC, ZW, Indexes
Down: 6J, ZB, ZN
News for the day:
PMI Manufacturing Index: 8:58a
ISM Mfg Index: 10:00a
Construction Spending: 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: Neutral/Bullish. 1644.50 is the key level for today as it is the double top high from last week's price action. If the bulls lift prices, then the target will be the gap fill at 1653.25 and a natural location for taking profits. Otherwise, the ES will continue to build value in the 1630-1640 range and more choppy action should be expected. Keep an eye on the tape at the open to see what traders are doing with their inventory after the long holiday weekend for further clues.
Stock of the Day: Microsoft (MSFT)
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
No comments:
Post a Comment