Friday, June 20, 2014

Morning Update for Friday, June 20th

Major Support/Resistance Levels- ES



Daily Outlook

Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral/Long
Inside Day/Outside Day:Inside
Location of price relative to market profile:Above value area



News for the day:

NONE


*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention

Stock of the Day: Russell 2000 Futures (TF)- Long trade above the cloud






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Thursday, June 19, 2014

Morning Update for Thursday, June 19th

Major Support/Resistance Levels- ES



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:NKD (Nikkei), ZW (Wheat), ZO (Oats), SI (Silver), ZC (Corn), GC (Gold), 6A (Aussie Dollar)
Down: --


News for the day:

Jobless Claims: 8:30a
Philadelphia Fed Survey: 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: And the buying continues.  After a neutral Fed announcement yesterday, traders continued to lift the offers back near the all-time records.  The profile showed a wide range distribution with prices closing near Wednesday's high of 1949.25, the key level to watch for today.  The tone remains positive with the next long target at 1954.

Stock of the Day: Amazon, Inc. (AMZN)- Announcement yesterday of 3D smartphone






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Monday, June 16, 2014

Morning Update for Monday, June 16th

Major Support/Resistance Levels- ES




Daily Outlook

Prior Day Market Sentiment:Bearish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: ZW (Wheat), ZO (Oats), CT (Cotton), HG (Copper), SB (Sugar), KC (Coffee), NG (Nat Gas), ZC (Corn)
Down:NKD (Nikkei), ZL (Soybean Oil)


News for the day:

Empire State Manufacturing Survey: 8:30a
Treasury International Capital: 9:00a
Industrial Production: 9:15a
Housing Market Index: 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 S&P has continued its pullback from the all-time highs made on June 9th.  Thursday saw a wide range distribution during the selloff, while Friday's profile was primarily balanced with prices trading near Thursday's low.  There has been more bearish activity during the globex session as the profit taking continues.  The next major level of support is 1900 and will be in focus this week for an intraday long trade.  The ES is still above the secondary trendline and until there is selling through the range, the tone continue to be to the buy side.

Stock of the Day:Medtronic, Inc. (MDT)- Stock recently upgraded






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Thursday, June 5, 2014

Morning Update for Thursday, June 5th

Major Support/Resistance Levels- ES




Daily Outlook

Prior Day Market Sentiment:Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up: ZO (Oats), NG (Nat Gas)
Down: ZL (Soybean Oil), NKD (Nikkei)


News for the day:

Jobless Claims: 8:30a

*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 once again made an all-time high as large traders and institutions continued to buy up the contracts.  From a profile perspective, the value area rose as well, creating a P shaped formation with the bulls being active right from the start.  The buying continued in the premarket as another record level was made.  Intraday edge is bullish with Wednesay's high of 1927 being the key price point for the day.

Stock of the Day:Joy Global, Inc. (JOY)- Earnings reported before the bell






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 






Tuesday, June 3, 2014

Morning Update for Tuesday, June 3rd

Major Support/Resistance Levels- ES




Daily Outlook

Prior Day Market Sentiment: Bullish
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: CT (Cotton), SI (Silver)
Down:HG (Copper), ZL (Soybean Oil), ZS (Soybeans), ZC (Corn), ZM (Soybean Meal), ZO (Oats), NKD (Nikkei)


News for the day:

Factory Orders: 10:00a

*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention

Stock of the Day: Mannkind Corp. (MNKD)- Recently made 52 week highs







ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Monday, June 2, 2014

Morning Update for Monday, June 2nd

Major Support/Resistance Levels- ES




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: ZO (Oats), NKD (Nikkei), HG (Copper), NG (Nat Gas), SB (Sugar), SI (Silver)
Down:ZW (Wheat), PL (Platinum), ZC (Corn), 6A (Aussie Dollar)


News for the day:


PMI Manufacturing Index: 9:45a
ISM Mfg Index: 10:00a
Construction Spending: 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 S&P continued its march higher by setting a new record on Friday.  It marked the 8th straight day of bullish activity as traders lifted the offers to levels never seen before.  As mentioned in the weekend update, the S&P, Dow, & Nasdaq futures are at or near highs while the Russell has been more bearish and is trading inside the cloud.  While a higher average daily volume on the ES would have given even more credence to the rally, it is hard to deny the fact that the buyers have been more active in the markets.  A fresh high has been made during the globex session, making Friday's high of 1922.25 the key level to watch for today.  Intraday edge is bullish.

Stock of the Day:Intel, Inc. (INTC)- 52 week highs made on Friday




ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Friday, May 30, 2014

Morning Update for Friday, May 30th

Major Support/Resistance Levels- ES




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:ZO (Oats), CC (Cocoa), CT (Cotton)
Down: KC (Coffee), ZL (Soybean Oil), SB (Sugar)


News for the day:

Personal Income & Outlays: 8:30a
Chicago PMI: 9:45a
Consumer Sentiment: 9:55a

*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 continued its journey to record levels as another all-time high was made yesterday.  It marked the seventh consecutive day where the value area has risen, a sign that large investors are confirming the up move since both time and volume are making higher highs.  The Dow and Nasdaq are near all-time highs as well and, if record levels are made in these markets, it should provide further fuel to the bullish nature of the indexes.  Trading has been neutral during the premarket, but long term since remains bullish.


Stock of the Day: Splunk (SPLK)- Up 2% yesterday





ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Wednesday, May 28, 2014

Morning Update for Wednesday, May 28th

Major Support/Resistance Levels- ES




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: PA (Palladium), ZS (Soybeans), ZM (Soybean Meal), ZL (Soybean Oil), CT (Cotton)
Down:KC (Coffee), ZW (Wheat), 6N (New Zealand Dollar), ZC (Corn)


News for the day:

**NONE**

*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 theme of the markets continued upwards as a fresh all-time high was made yesterday in the S&P, marking the sixth consecutive day of increasing value areas on the profile.  When this pattern develops on the charts, it is indicative that large traders and institutions are seeing additional value at higher prices and are lifting the offers of the contracts.The bullish activity has been confirmed by the fact that the market has seen both time and volume near the highs.  Additionally, a new high has been made during the globex session as international traders were buying the markets and the bias continues to be to the topside until proven otherwise.




Stock of the Day: SPDR Gold Shares (GLD)- Down 2% yesterday






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Tuesday, May 27, 2014

Morning Update for Tuesday, May 27th

Major Support/Resistance Levels- ES





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:CC (Cocoa), Stock Indexes
Down:KC (Coffee), ZO (Oats), ZW (Wheat), ZC (Corn), ZS (Soybeans), SI (Silver), ZM (Soybean Meal), CT (Cotton), SB (Sugar), GC (Cold)


News for the day:

Durable Goods Orders: 8:30a
Case Shiller Index: 9:00a
Consumer Confidence: 10:00a
Dallas Fed Mfg Survey: 10:30a

*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 bulls are on parade once again.  All-time highs were made in the S&P futures market on Friday as well as during the shortened holiday session yesterday.  There are mixed volume confirmation signals, however, as prices are reaching the record levels.  The profile is displaying progressively higher value areas for 5 consecutive days with the closing price near the point of control (POC) for each day.   At the same time, the daily volume has been below the 50 day averages during the breakout, likely due to the holiday weekend.  The bias is clearly with the buyers but volume will be in focus this week to confirm the move higher. 




Stock of the Day:Michael Kors Holdings (KORS)- Up 3% on Friday






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 

























Wednesday, May 21, 2014

Morning Update for Wednesday, May 21st

Major Support/Resistance Levels- ES




Daily Outlook

Prior Day Market Sentiment:Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Inside value area near POC
Notable overnight futures markets changes:
Up:CL (Crude Oil), ZM (Soybean Meal), PL (Platinum), ZO (Oats)
Down:HG (Copper), NG (Nat Gas)


News for the day:

Petroleum Status Report: 10:30a
FOMC Minutes: 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: The S&P continued its ride within the high volume composite profile. Yesterday's profile showed a wide range double distribution, a sign that time and volume was spent in multiple zones as the markets search for the next directional move.  Consequently, a large value area was built and prices have been trading near the POC (point of control) during the premarket session.  When this type of pattern sets up, a high probability trade is shorting the value area high and/or buying the value area low.  FOMC minutes are set to be announced this afternoon and should provide added volatility to the markets, especially if there is new information for the markets to process.  Intraday edge is neutral.




Stock of the Day: Salesforce, Inc. (CRM)- Earnings reported yesterday after the close





ES Daily Trend: Neutral/Bullish




ES Weekly Trend:  Bullish




ES Monthly Trend:  Bullish