Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: ZO (Oats), ZW (Wheat)
Down: NKD (Nikkei), NG (Nat Gas), 6N (New Zealand Dollar), RB (RBOB Gasoline)
News for the day:
Petroleum Status Report: 10:30a
Treasury Budget: 2:00p
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day:Ever since the positive jobs report on Friday, the S&P has been in a holding pattern the past few days and is currently trading witihin the high volume zone of 1800-1810 which is more indicative of two-sided trading. The key level to watch if there is a selloff is 1796 as that is the point to begin to fill the gap down to 1792. To the topside, the all-time high of 1812.5 will be important if the offers are lifted. As they say, never short a dull market....unless it for an intraday scalp trade. Long term bias is still bullish; intraday bias is neutral/bearish.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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