*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: SB, ZW, ZC, CL, NQ
Down: NG, CC
News for the day:
NONE
Options Expiry Friday
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Bulls are still on parade! The ES made all-time highs after what many considered a bad government deal. Price action reigns supreme though and the bias continues to the long side until the chart shows signs of over extension. 1728.50 is the line in the sand as it is the value area high/Thursday's high&close. If buyers hold prices above the level, then clear edge to the bulls as there is no overhead supply zones due to the record highs. If the ES pulls back into yesterday's value area, then the odds favor more range bound action, especially given the fact that today is options expiry, in which case profit targets and stops should be tightened.
ES Daily Trend: Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
No comments:
Post a Comment