Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: at POC
Notable overnight futures markets changes:
Up: Si (Silver), ZO (Oats), NG (Nat Gas), GC (Gold), ZW (Wheat), ZM (Soybean Meal), PL (Platinum), ZS (Soybean)
Down: NKD (Nikkei), KC (Coffee), SB (Sugar), CL (Crude Oil)
News for the day:
Import & Export Prices: 8:30a
Industrial Production: 9:15a
Consumer Sentiment: 9:55a
*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 price action was a tale of two halves. The S&P had sold off half a percent during the globex session after weaker than expected retail sales news only to bounce back in a big way after the opening of the US markets. It is bullish when prices go up after economic news misses the forecast since the buyers are swooping up the contracts on the dip due to perceived greater value in the future. Additionally, the daily candlestick pattern created a bottoming tail hammer after the bounce off of the 50-day moving average, which also is bullish. The overnight activity has been neutral with prices right near the POC and setting up for trading inside the value area when the market opens. Intraday edge is neutral/bullish.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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