*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment:Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up:PA (Palladium), RB (RBOB Gasoline), ZM (Soybean Meal), KC (Coffee), 6B (British Pound), HO (Heating Oil)
Down:HG (Copper), ZW (Wheat)
News for the day:
Housing Starts: 8:30a
Petroleum Status Report: 10:30a
FOMC Meeting: 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:Today is the all-important Fed meeting announcement, which should have a dramatic effect on the markets throughout the world. Heading into the conference results this afternoon, the S&P is trading right at the point of control from Tuesday which is indicative of overnight balance activity. The price activity on Fed days is typically range bound as traders position themselves for the news at 2pm EST. Therefore, the higher probability is for more two-sided trading in the AM session unless, of course, news is released early. As a result, the key inflection points will be yesterday's high (1780.25) & low (1770.25). Due to the expected choppy price action in the morning, it is advisable to trade lightly until after the Fed news.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
No comments:
Post a Comment