Morning Update for Tuesday, 10/8

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: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile:Below value area
Notable overnight futures markets changes:
Up: NG, NKD, ZW
Down:VX, SI, GC



News for the day:

International Trade: 8:30a


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


Projected ES price action for the day: As the government shutdown continues, the ES still is holding the range between 1670-1700. I will be watching for a test of value area low (1672) and previous day low (1667) at the open.  If prices are accepted into value then the likelihood is for choppy action in the value area. Otherwise, if the bears can sell below yesterday's range, then it could be off to the races.

Stock of the Day: Yum Brands, Inc. (YUM)

ES Daily Trend:Neutral/Bullish

ES Weekly Trend:  Bullish

ES Monthly Trend:  Strongly Bullish