*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: Inside
Location of price relative to market profile:Below value area
Notable overnight futures markets changes:
Up: NG, SI, GC
Down:NKD, CL, ZW, Indexes
News for the day:
NONE
(Columbus Day)
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Given that today is Columbus Day, the stock market is open, but the bond market is closed. Usually the situation results in choppy price action in a narrow range, but the pending government situation could provide the catalyst for more volatility. As of this writing, prices are below the value area and a test of value area low (1689.75) or previous day low (1682.5) seem likely. If prices return back into value, then two-way trading should result, but if the ES sells below 1682.5, then a clear edge to the bears.
ES Daily Trend:Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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