*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: NG (Nat Gas), CT (Cotton), NKD (Nikkei), ZW (Wheat)
Down:RB (Heating Oil), CL (Crude Oil), HO (Heating Oil), GC (Gold), SI (Silver)
News for the day:
Pending Home Sales Index: 10:00a
Dallas Fed Mfg Survey: 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 S&P made a new all-time high during the overnight session and traders continue to buy these markets in droves. 1800 is a well defined trading level and should provide a strong area of support for the bulls, but the edge is clearly to the bulls until proven otherwise.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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