*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: Outside
Location of price relative to market profile:Above value area
Notable overnight futures markets changes:
Up:NKD (Nikkei), PL (Palladium), 6B (British Pound), RB (Heating Oil)
Down: CC (Cocoa), 6N (New Zealand Dollar), KC (Coffee), NG (Nat Gas), ZM (Soybean Meal), ZC (Corn), ZS (Soybeans), ZW (Wheat), SB (Sugar)
News for the day:
Housing Starts: 8:30a
Industrial Production: 9:15a
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 is poised to open higher after buying activity during the overnight session. As of this writing, prices are hovering right at Thursday's high of 1841. Any trading above this level can be construed as bullish and draw attention from more buyers looking to make new all-time highs. Ever since the beginning of the New Year, prices have been propped up near the highs which is indicative of the longer timeframe bulls buying on any dips. It is options expiry Friday and there is typically more two way trading as traders cover or roll their positions to future option dates. Bulls are on parade until proven otherwise. Long term bias is bullish; intraday bias is neutral/bullish.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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