*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bullish
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: VX, ZS, GC, SI
Down:NKD, Indexes
News for the day:
ADP Employment Report: 8:15a
Petroleum Status Report: 10:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: The markets shrugged off the government shutdown news as prices propelled higher. That being said, prices are back into the high volume area between 1670-1700. There has been some overnight selling with the ES down more than 11 handles in the premarket. The key area to watch will be the previous day low at 1675.25 which also corresponds with the POC from Monday.
ES Daily Trend:Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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