*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 long
Inside Day/Outside Day: Outside
Location of price relative to market profile:Above value area
Notable overnight futures markets changes:
Up: SI (Silver), Nikkei (NKD), Copper (HG), Platinum (PL), Soybean Oil (ZL)
Down:Crude Oil (CL)
News for the day:
ADP Employment Report: 8:15a
Consumer Price Index: 8:30a
Petroleum Status Report: 10:30a
FOMC Meeting Announcement: 2:00p
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Today's trading activity is centered on the FOMC meeting this afternoon. Typically, on Fed days, the market makers create a wide opening range and trade around the level to stabilize the market leading up to the announcement. However, there has been decent overnight activity where prices have been lifted above yesterday's range to another all-time high which is more bullish. The first 30 minutes of trading will be key to determine if prices continue it's move upward. If the ES continues to make highs when the US markets open, then the setup is for another trending day upwards. However, if bears pull prices back below 1768, then range bound activity can be expected prior to the Fed announcement at 2p.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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