*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/Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near value area low
Notable overnight futures markets changes:
Up:NG (Nat Gas), ZM (Soybean Meal)
Down: VX (VIX), PL (Platinum), 6A (Aussie Dollar), 6J (Yen), SI (Silver), KC (Coffee)
News for the day:
Retail Sales: 8:30a
Import & Export Prices: 8:30a
Business Inventories: 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 saw it's first major intraday selloff in what seemed like ages. Prices had been primarily range bound during the morning session, but the afternoon session was all for the bears. The trading area of balance had been between 1825-1838 and a momentum of sellers was needed to push prices through the zone combined with the longs who had to cover their positions. As a result, the next target to the short side is the VPOC at 1801.5 and the whole number of 1800. There has been some profit taking during the overnight session as prices have been lifted inside of yesterday's range. At this point, the bulls will look to get prices back inside the value area and retest the 1825 level. On an intraday basis, the bias is neutral/bearish.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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