*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile:Value area low
Notable overnight futures markets changes:
Up: ZO (Oats), NG (Nat Gas), SI (Silver), GC (Gold)
Down: ZC (Corn), ZW (Wheat), NKD (Nikkei)
News for the day:
Housing Starts: 8:30a
Case-Shiller Home Index: 9:00a
Consumer Confidence: 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 S&P is poised to open neutral after the overnight trading activity and inside of Monday's range. Given the fact that it is Thanksgiving week, the higher probability is for more range bound trading, especially when prices are inside of the value area. There is a large volume zone from 1785-1795 and the ES should find support at the level if there is a liquidation break. Otherwise, if prices approach the high of Monday at 1806.75 then it should attract more buyers. At this point, it is a coin toss so trade accordingly.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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