Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Inside
Location of price relative to market profile: Between POC & Value area low
Notable overnight futures markets changes:
Up: ZL (Soybean Oil), PA (Palladium), SI (Silver), PL (Platinum), GC (Gold)
Down:ZO (Oats), NG (Nat Gas), KC (Coffee), SB (Sugar), ZW (Wheat), NKD (Nikkei)
News for the day:
NONE
*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 topped off a see-saw week by closing right near the high of the day on Friday after a positive reaction to the January jobs report. The ES is right near the swing pivot high level of 1793.75 which should attract some sellers looking to book profits. If the buying continues, the next target would be the round number of 1800. There has already been some profit taking during the globex session with the markets selling off back into Friday's value area. Any trading inside of value typically generates more choppy price action due to more two-sided trading that occurs since the markets are more fairly priced compared to a trending day. The wider the value area, the more likely the probability for a bounce at value area high/low. As a result, the value area low of 1780 will be a noteworthy level to watch if the selling continues at the open. Intraday bias is neutral until prices breakout of the value area.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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