Daily Outlook
Prior Day Market Sentiment:Bullish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near POC
Notable overnight futures markets changes:
Up:NG (Nat Gas), ZO (Oats), CT (Cotton), SI (Silver), GC (Gold)
Down: SB (Sugar), CC (Cocoa), 6M (Peso)
News for the day:
Petroleum Status Report: 10:30a
FOMC Meeting Announcement: 2:00p
*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 balancing day yesterday with prices trading inside of Monday's range after the big selloff from last week. Based on the profile development, all of the trading action occurred inside of value and was a sign that short-term traders were guiding the markets in anticipation for today's FOMC announcement. Volatility is typically low during the morning session as large institutional traders wait on the sidelines for the minutes to come out at 2p. Premarket trading so far has confirmed this with prices trading right near the point of control from yesterday. The higher probability is for neutral price action early and then a spike in levels in the afternoon, especially if the Fed provides new guidance for future monetary policy. The key levels to watch when the news is announced will be Tuesday's high (1788.75) & low (1776.75). Intraday bias is a coin toss.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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