*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Neutral/Bullish
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near POC
Notable overnight futures markets changes:
Up:6N (New Zealand Dollar), CC (Cocoa), 6A (Australian Dollar)
Down: NG (Nat Gas), HG (Copper)
News for the day:
Petroleum Status Report: 11:00a
*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 started the year by selling off significantly and clearing 3 VPOCs from the board. If this was profit taking from 2013 or an harbinger of things to come is yet to be determined. The overnight session has been mostly balanced trading, resulting in value area high/low being the key levels to watch for today. Long term the trend is still up, but yesterday could give the bears some traction if the selling continues and the short term bulls are forced to cover their positions. Intraday bias is neutral.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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