*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile:Above value area
Notable overnight futures markets changes:
Up: --
Down:SB, 6A, SI, CL, 6B
News for the day:
Producer Price Index: 8:30a
Retail Sales: 8:30a
Case Shiller Index: 9:00a
Business Inventories: 10:00a
Consumer Confidence: 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 trend continues to be up as the ES is knocking on the doorstep to an all-time high in the premarket. Yesterday was somewhat of an anomaly as prices made highs during the overnight session. Typically, the high (or low) of a move occurs during the US markets when there is enough volume for sustained price activity. Ever since the job report on 10/17, the structure of the profiles has been relatively orderly with normalized distributions for the most part. The conclusion is that short-term buyers continue to support the market until further news (like the Fed announcement tomorrow) gives longer term investors the opportunity to put their capital to work. Considering the news catalysts today and price location near the highs, the bears have their work cut out for them.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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