*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile:At value area low
Notable overnight futures markets changes:
Up: NG (Nat Gas), ZM (Soybean Meal)
Down:NKD (Nikkei), SB (Sugar), HO (Heating Oil), ZO (Oats)
News for the day:
GDP: 8:30a
Jobless Claims: 8:30a
*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 ES tested the all-time highs yesterday in the first hour of trading before pulling back and trading horizontally most of the afternoon, creating a very even distribution on the profile. At this point, prices are set to open inside the lower half of the value area and we could see some strong price movement in the premarket with Weekly Jobs & GDP report coming out at 8:30a. 1750-1760 continues to be a high volume zone and any trading in the range would be considered neutral price action. If prices clear value area high at 1766.75 then edge to the bulls. The afternoon trading should be light with the impending monthly jobs report tomorrow morning.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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