Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile:Between POC & Value area low
Notable overnight futures markets changes:
Up:NG (Nat Gas), NKD (Nikkei) ZO (Oats), ZW (Wheat), TF (Russell Index)
Down: CT (Cotton), ZL (Soybean Oil)
News for the day:
New Home Sales: 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: Friday saw the first follow through selling day in weeks as the bears finally were able to gain some traction. All is not as bearish though as the CNBC pundits may make it out to believe however. We are still in a long-term uptrend and prices have yet to test the trendline on the daily chart. Until that happens, it is safe to say that the bulls still have the edge. Additionally, during the overnight session, the shorts have taken some profits and the longs have bought on the dip in driving prices higher inside of value. Due to the large value area formed on Friday, the first profit target for the longs will be value area high at 1812.25. If the bears continue to sell the markets, they will have to sell prices through the previous day low of 1781.25 for confirmation. Intraday bias is neutral/up.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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