*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Neutral/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), 6A (Aussie dollar), CL (Crude Oil), ZC (Corn)
Down: HG (Copper), KC (Coffee)
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 S&P had tested Tuesday's high during the overnight session before selling back into the value area. The more times prices test a level, the higher the probability that it eventually will be penetrated, especially if the market makes higher lows for a breakout trade and creating an ascending triangle chart pattern. The ES has been in a holding period near the all-time highs since the beginning of the New Year which continues to be a positive sign for the markets as bulls are maintaining prices and buying on any dips. The index is set to open inside value area, making the intraday bias neutral to bullish. In the long term, the bias is bullish.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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