*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: Outside
Location of price relative to market profile:Below value area
Notable overnight futures markets changes:
Up: ZW, ZC, 6J
Down:NKD, CL, SI, 6A, GC, 6B, Indexes
News for the day:
Import & Export Prices: 8:30a
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: After the markets made another all-time high yesterday after the jobs report release, there has been profit taking during the overnight session in offering prices below Tuesday's range. Therefore, the previous day low of 1741.75 will be the line in the sand. If bulls can lift the ES back into yesterday's trading zone, then two-way trading can be expected as prices explore areas of value. The larger profit potential for today is to the downside as prices tend to trend better on outside days in addition to the fact that there are VPOCs to be filled from the upmove.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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