Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near value area high
Notable overnight futures markets changes:
Up: NG (Nat Gas), SB (Sugar), ZM (Soybean Meal), NKD (Nikkei), 6M (Mexican Peso)
Down: PA (Palladium)
News for the day:
NONE
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: After the positive monthly jobs report on Friday, the S&P is trading relatively neutral during the overnight session. Prices have once again entered the high volume zone between 1800-1810 and the higher probability is for choppy price action until there is more of a directional bias. On an intraday basis, the logical level to watch will be Friday's high of 1806 as the line in the sand for the day. Trading above should attract more buyers, while prices inside of value should see more two-sided trading activity. The intraday bias is with the bulls as longer term traders continue to digest the news from Friday.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
No comments:
Post a Comment