*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Neutral
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:ZM (Soybean Meal), ZS (Soybeans), Indexes
Down:NG (Nat Gas), HG (Copper), ZO (Oats)
News for the day:
Jobless Claims: 8:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Yesterday's price activity can be summed up as a whole lot of nothing. Despite the fact that both the high and the low from Tuesday had been tested, the market closed within a couple of handles of Tuesday's close with a neutral tape for most of the day. The overnight session, however, has seen significant buy side activity and prices have been lifted above the high volume cluster from 1825-1835. Since resistance becomes support, 1835 will be the level to watch if there is any profit taking once the market opens. To the topside, 1840 would be the first profit target for longs as that is a VPOC to be filled from 12/31. From there, the next target would be the all-time high of 1846.5. Edge to the bulls.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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