*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 short
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near value area low
Notable overnight futures markets changes:
Up: ZL (Soybean Oil), DX (Dollar)
Down:NKD (Nikkei), CC (Cocoa), GC (Gold), NG (Nat Gas), 6B (British Pound), CL (Crude Oil), 6E (Euro)
News for the day:
PMI Manufacturing Index: 8:58a
ISM Mfg Index: 10:00a
*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 bulls continue to support the market near the all-time highs. Yesterday provided a solid opportunity for the bears to gain some traction and follow through after Wednesday's selloff. However, the buyers stepped in the daily lows and lifted the offers back into the high volume zone formed this week. Similar to yesterday, prices are set to open inside the value area and more neutral price action should be expected until value area high (1760.25) or value area low (1753.25) is cleared. Until proven otherwise, the bulls still have the market.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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