Morning Update for Thursday, 10/10/13

Major Support/Resistance Levels- ES

*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)

Daily Outlook

Prior Day Market Sentiment: Neutral
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: NG, NKD, ZS, ZC, ZW, Indexes
Down: ZB



News for the day:

Jobless Claims: 8:30a
Import & Export Prices: 8:30a
Treasury Budget: 2:00p


*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention


Projected ES price action for the day: And the roller coaster continues.  After the big selloff on Tuesday, the bulls are rallying back with news that Congress may have come to a resolution.  When there is a big gap up, there is typically a brief selloff at the open as the overnight trader take profits. It will be important to see how aggressive the bulls are given the news catalyst, so any pullbacks should be considered buying opportunities if the government announcement is positive.

Stock of the Day: Questcor, Inc. (QCOR)- Increase in quarterly dividend

ES Daily Trend:Neutral

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish