*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile:At value area high
Notable overnight futures markets changes:
Up:HO (Heating Oil), ZL (Soybean Oil), KC (Coffee), NG (Nat Gas), NKD (Nikkei), 6N (New Zealand Dollar)
Down: ZM (Soybean Meal), SI (Silver), ZS (Soybean), 6M (Peso), HG (Copper), GC (Gold)
News for the day:
NONE
*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 markets are back at it again after the MLK Day holiday and the buying activity continued during the overnight session. Prices are set to open near the value area high from Friday and are at the high of the longer term volume area from 1825-1838. A bullish flag pattern has developed on the 30 minute chart and the market would need to clear Friday's high of 1840.5 before confirmation of a breakout. Despite multiple attempts the past few days by the bears to sell the market off, the path of least resistance remains to the topside until the charts tell a different story. Intraday bias is slightly bullish. Long term bias is bullish.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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