Morning Update for Thursday, 10/3/13

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:Bearish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near value area low
Notable overnight futures markets changes:
Up: ZS, ZW
Down:SI, GC, PL, PA



News for the day:

Jobless Claims: 8:30a
Factory Orders: 10:00a
ISM Non-Mfg Index: 10:00a




*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 continues to chop around in the 1670-1700 range.  Specifically, the range to watch is between 1687-1680. Any prices in the middle should be traded cautiously and with tight stops. Look for a test of the value area high/low to see if the bulls or the bears can gain any traction. 

Stock of the Day:Canadian Solar Inc. (CSIQ)- Sold two utility plants and at 52 week highs

ES Daily Trend:Neutral/Bullish

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish