*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:Near POC
Notable overnight futures markets changes:
Up:CT (Cotton), KC (Coffee), CC (Cocoa), 6E (Euro), PA (Palladium), 6B (British Pound)
Down: NG (Nat Gas), OJ (Orange Juice), DX (Dollar)
News for the day:
Petroleum Status Report: 11:00a
*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 reign supreme in these markets as new highs were made yesterday in both the Euro and US sessions. There is simply no fear in these markets and the buyers are stepping in on every dip and raising prices to levels never seen before. Aside from short term/intraday trading, the bears are forced to cover their shorts and additional buyers are entering the markets when this occurs, creating the additional upward momentum. There is no major news today and prices are currently trading inside of the value area, so the bias continues to be neutral/up.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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