*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:SI (Silver), NKD (Nikkei), KC (Coffee), OJ (Orange Juice), PA (Palladium), GC (Gold)
Down: CC (Cocoa), 6J (Yen)
News for the day:
Jobless Claims: 8:30a
Petroleum 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 S&P continues its bullish momentum as new all-time highs were made in the premarket. The internals are also confirming this up move and given the fact that markets typically don't make highs during the Euro session, further upside is the higher probability. The key level to watch if there is anytime of selling at the open is the value area high of 1828.5. If the buyers continue to lift the markets then the overnight high of 1833.5 will be the significant inflection point. Edge to the bulls until proven otherwise.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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