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 value area high & POC
Notable overnight futures markets changes:
Up: NG (Nat Gas), ZO (Oats), NKD (Nikkei), CC (Cocoa), 6M (Peso), ZW (Wheat), 6A (Aussie Dollar)
Down: GC (Gold)
News for the day:
Durable Goods: 8:30a
S&P Case Shiller Home Index: 9:00a
Consumer Confidence: 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 had a roller coaster day of trading yesterday as prices sold off in a big way during the morning session, only to recoop most of the losses during the afternoon session before selling off again into the close. The most volatility usually occurs between 9:30-11:30a as investors balance their overnight inventory and it is when large institutions place their trades. However, buyers stepped in and lifted offers during afternoon trading and the bulls have continued buying in the premarket. Short term traders still have the markets as indicated by the price bounce occurring right at the intermediate trendline on the daily chart. If the markets were truly bearish then prices would have sold through the level and continued lower. Additionally, since then, prices are approaching value area high of 1788.5 which will be the level to watch for today. Intraday edge is neutral/bullish, but volatility is back.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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