*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Neutral
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:CL (Crude Oil), CT (Cotton), CC (Cocoa), ZM (Soybean Meal), Indexes
Down: ZO (Oats), ZC (Corn)
News for the day:
Employment Situation: 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 has been primarily in balance mode for the past week as the larger timeframe traders have been on the sidelines in preparation for the all-important jobs report this morning. There should be significant volatility in providing traders with the opportunity to capitalize on the numbers based on the news. Of course, price action trumps the actual results of the report. If traders like what they hear and lift the offers, then the higher probability is for a test of the all-time high of 1846.5. If there is a selloff after the number, the key reference point will be the low of the previous 3-day range (1824.5). Based on the overnight trading activity, there is an expectation for positive news, but that could change at the drop of a hat when the news comes out at 8:30a. At this point, edge to the bulls.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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