*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up:NKD
Down:SI, GC, 6B
News for the day:
Petroleum Status Report: 10:30a
FOMC Minutes: 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: Prices FINALLY cleared the 1670 level and did so in a big way. Given the large value area and wide trading area, the higher probability is for trading around the value area high and low. With that said, there is FOMC minutes that will be released at 2pm which could provide the catalyst to drive prices through yesterday's levels.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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