*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
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: Nikkei (NKD), Gold (GLD)
Down: Nat Gas (NG), Sugar (SB), Cotton (CT)
News for the day:
International Trade: 8:30a
Jobless Claims: 8:30a
PMI Manufacturing Index: 8:58a
*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 is poised to open higher in premarket hours. This is both good news and bad news for the bulls today. Good because prices have lifted outside of Wednesday's range, but bad because now the market is trading right at the high volume level on 10/22 at 1748, which is usually indicative of neutral price action. Based on the price location, prices would have to clear 1754 to the topside of sell below 1734.5 to see any real momentum.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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