*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 long
Inside Day/Outside Day:Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: NG (Nat Gas), 6C (Canadian Dollar), Indexes
Down:CT (Cotton), OJ (Orange Juice), SB (Sugar)
News for the day:
Personal Income & Outlays: 8:30a
Consumer Sentiment: 9:55a
*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 saw record highs on Friday and the bullish activity continued when the markets reopened on Sunday night as an all-time high was made during the overnight session. Anytime new highs are made during the Euro market hours is a positive sign as market theory states that highs/lows of a trading day are usually made during the RTH session. As a result, the higher probability is for the upward momentum to continue when the markets open for trading. The point of reference will be Friday's high of 1817.75. Bears have to continue to buckle their seatbelts until there is a definitive sign of a market reversal.
The clear edge is with the bulls.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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