*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: RB, HO, ZW, PL, VX, NG, CL
Down: NKD
News for the day:
Durable Goods Orders: 8:30a
New Home Sales: 10:00a
Petroleum Status Report: 10:30a
*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 continues to build value in the 1690-1700 range. 1685 & 1680.75 are the natural targets if prices sell off as they are the VPOCs from 9/12 & 9/13. If prices can rise above 1701 (previous day high) then clear edge to the bulls. The price action within the value area should be choppy so manage trades accordingly and take profits quicker. Remember: when short, cover into weakness; when long, sell into strength.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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