*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 short
Inside Day/Outside Day:Inside
Location of price relative to market profile:At value area low
Notable overnight futures markets changes:
Up: CC (Cocoa), ZO (Oats), OJ (Orange Juice)
Down:NG (Nat Gas), NKD (Nikkei), 6M (Mexican Peso)
News for the day:
ISM Non-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 ES has been selling off in the premarket and are within the high volume range of 1750-1760. If the bearish momentum continues when the US markets open for trading, resulting in a liquidation break, then the first reference point will be the previous day low of 1756. If prices clear and hold then clear edge to the bears. On the other hand, if the buyers support the level and keep prices within Monday's range, then two-sided trading should be expected.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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