Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near value area high
Notable overnight futures markets changes:
Up: ZO (Oats), ZW (Wheat), ZL (Soybean Oil), 6E (Euro)
Down: SB (Sugar), CT (Cotton), NG (Nat Gas), ZM (Soybean Meal)
News for the day:
GDP: 8:30a
Chicago PMI: 9:45a
Consumer Sentiment: 9:55a
Pending Home Sales Index: 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: Oftentimes when something is too good to be true, it probably is. However, there are sometimes when the market provides lucrative opportunities for long periods of time and the bulls get euphoric. The Internet bubble of the 90s was one situation. The current market conditions are another as the Fed backing of the stock market has raised prices near all-time highs once again. After the S&P formed a basing pattern for much of the week, the higher probability is for continued upside momentum as buyers were active for much of the day yesterday and closed prices near the highs of 1855.75, which is the major level to watch for the day. Intraday edge is neutral/bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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