Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net long
Inside Day/Outside Day:Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: PL (Platinum)
Down:NG (Nat Gas), KC (Coffee), ZO (Oats), SB (Sugar)
News for the day:
Employment Situation: 8:30a
*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 strong continuation day yesterday after the bounce off of the daily trendline. Most of the losses have been recooped from the large red candle on Monday and the value area also has risen higher, which is a sign that both price and time are confirming the bullish activity. The buying has continued during the globex session ahead of the monthly jobs report coming out at 8:30a where the consensus is for 181,000 non-farm payroll jobs to be added to the economy. Of course, the market's reaction to the news is more significant than the number itself. When there is major announcements during the premarket, it is advisable to wait for the swing highs and lows to form from 8:30-9:30a and then trade around the levels when the markets open for trading. While the bias is bullish in the premarket, all can change after the news event.
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
No comments:
Post a Comment