*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: NKD
Down:NG, ZO
News for the day:
Industrial Production: 9:15a
Pending Home Sales: 10:00a
Dallas Fed Mfg Survey: 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 bullish momentum continued when markets resumed trading on Sunday evening as the ES made another new all-time high. When the US markets open, it will be important to watch if profit taking occurs and prices are brought back into Friday's trading range. As a result, the 1755.75 level will be significant, also because it was last week's high. If prices spend time above the level then higher prices could be expected as traders explore new highs. Otherwise, more two sided trading should occur, especially if trading occurs inside the value area. Apple earnings also after the bell today, so stay tuned. Bulls still with the clear edge until proven otherwise.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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