*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: Above value area
Notable overnight futures markets changes:
Up:NG (Nat Gas), CC (Cocoa), ZM (Soybean Meal)
Down:SI (Silver), GC (Gold), ZO (Oats), PL (Platinum), HG (Copper), 6N (New Zealand Dollar), 6J (Yen) 6E (Euro), NKD (Nikkei)
News for the day:
Jobless Claims: 8:30a
Philadelphia Fed Survey: 10:00a
Existing Home Sales: 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:Yesterday's massive buying after the Fed announcement that tapering would begin gave additional credence to the idea of trading based on price action rather than on the news. Logic would indicate that if the government would reduce the financial backing then the markets would sell off. However, the S&P approached its all-time high of 1812.5 and barely retraced at all after the 2pm announcement yesterday. Given the bullish activity and prices trading above the value area, the bias is clearly with the buyers, however it would be advisable to watch the price action at the open as there is a likelihood of some profit taking for short term traders.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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