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), KC (Coffee), NKD (Nikkei), SB (Sugar), CT (Cotton), PL (Platinum)
Down:ZO (Oats), 6C (Canadian Dollar)
News for the day:
Existing Home Sales: 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: When considering how markets operate during the course of time given the current Olympic events, it more closely mirrors cross country skiing than speed skating. Statistical evidence exists that displays how markets appreciate over time during a slow, steady climb. The S&P also sells off faster than it goes up because emotions are stronger to preserve as much as capital as possible. The ES has seen a gradual rise for the past month after January's selloff and once again are approaching the all-time highs. Traders have bought up the index futures during the overnight session, making 1846.5 the level to attract a significant amount of price action. Today is options expiry where the price action is typically more range bound and increases the probability of bounces at the value area high/low. The intraday edge is neutral/bullish and the longterm bias is still bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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