*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Neutral/Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile:near value area low
Notable overnight futures markets changes:
Up --
Down:SI, NG, ZS
News for the day:
Employment Situation: 8:30a
Construction Spending: 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: Yesterday saw the ES make all-time highs again but the intraday momentum wasn't sustained as bears brought prices back into range. All eyes will be on the Employment report due at 8:30a in setting the tone for price activity for the day. If the markets react positively to the news and lift the offers above yesterday's high of 1742.5 and hold there then there are clear skies ahead. On the other hand, if there is a selloff, then the support levels to note are the gap fill high at 1728.5 then the previous month high at 1723.75.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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