Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Outside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: SI (Silver), KC (Coffee), SB (Sugar), OJ (Orange Juice), GC (Gold)
Down:NG (Nat Gas), NKD (Nikkei), RB (Heating Oil), CL (Crude Oil), 6A (Aussie Dollar), Indexes
News for the day:
Personal Income & Outlays: 8:30a
Employment Cost Index: 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 recooped some of the selling from last week with all of the indexes up more than 1% yesterday. It marked the sixth straight day where the intraday trading range has eclipsed 10 handles (or points), a sign that volatility is back and traders are active. We saw a solid bounce with volume off the daily trendline and it will be noteworthy to see if the bullish momentum can be sustained. The ES has sold off during the premarket and the next level of support is the Jan. 29th low of 1764. There is also a VPOC to be filled at 1773.50 if there is buying at the open. At this point, though, the bears have got the edge.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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