*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
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: HO (Heating Oil), RB (RBOB Gasoline), CL (Crude Oil), Indexes
Down: NG (Nat Gas), NKD (Nikkei), ZC (Corn), CT (Cotton), PL (Palladium), ZW (Wheat), SI (Silver), KC (Coffee),ZO (Oats)
News for the day:
Empire State Mfg Survey: 8:30a
Productivity & Costs: 8:30a
PMI Manufacturing Index Flash: 8:58a
Treasury International Capital: 9:00a
Industrial Production: 9:15a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Despite the selloff from last week, the bulls have remained persistent heading into the Monday open as prices have risen above the high of Friday's range. The key level to watch will be Friday's high of 1774.75 as the line in the sand for the day. Any trading above should be considered bullish since the buyers are propping up the offers in keeping it an outside day, which is when many algorithmic trading programs are in full effect. If prices sell off and reenter the value area, then the price pattern would be indicative of more two-sided trading. At this point, intraday edge to the bulls.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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