Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near value area high
Notable overnight futures markets changes:
Up: KC (Coffee), SB (Sugar), ZW (Wheat)
Down: NG (Nat Gas), ZO (Oats), 6N (New Zealand Dollar), ZM (Soybean Meal), SI (Silver), PL (Palladium), GC (Gold), 6B (British Pound), 6S (Swiss Franc)
News for the day:
GDP: 8:30a
Jobless Claims: 8:30a
Pending Home Sales Index: 10:00a
*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 has increased in volatility recently after a prolonged balancing period, especially after the Fed minutes released yesterday. The average true range has almost doubled since the beginning of the New Year and the higher likelihood is for additional traders to enter the market as the ES approaches the daily trendline support. At the same time, it is in downward trend on the hourly chart, which is a sign of a potential change in sentiment. Prices have lifted during the overnight session, but are still in the value area, making value area high (1778.25) & value area low (1769), the key points of reference. Intraday bias is neutral; intermediate bias is down; longterm bias is up.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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