*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: Near value area high
Notable overnight futures markets changes:
Up: CC (Cocoa), CT (Cotton), ZO (Oats), HG (Copper), SB (Sugar)
Down:NKD (Nikkei), NG (Nat Gas)
News for the day:
Durable Good Orders: 8:30a
New 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:The ES was trading neutral during the overnight session and the higher probability is for continued two-sided trading. Given the fact that the market has been trading at all-time highs then the bias is clearly to the topside. Obviously, anything above the previous record high of 1824.5 should bring in more buyers and will be the level to watch for today. The Santa Claus rally is upon us. Merry Christmas!
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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