*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:Above value area
Notable overnight futures markets changes:
Up:CT (Cotton), CC (Cocoa), HO (Heating Oil), NG (Nat Gas), CL (Crude Oil)
Down: ZL (Soybean Oil), ZS (Soybeans)
News for the day:
International Trade: 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 profile showed an excess high together with a breakout lower of the value area, both bearish signs. The excess high indicates that long intraday traders were stuck in their positions when attempting to lift the offers above Friday's range and were forced to cover as prices sold off. We are seeing a bounce, however, during the Euro session as the bulls look to buy on the dips. The key level to watch today is 1817.75 which is both yesterday's low as well as the high from 12/20 when the last Fed minutes were announced. Trading between 1827 & 1832 should see more two-way trading as the range has been a location of significant trade activity the past few days. At this point, the edge is to the bulls, but if there is selling back through the 1818 level, then expect the pace of tape to pick up and larger sizes to be printed.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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