Daily Outlook
Prior Day Market Sentiment: Neutral
Overnight Inventory Change:Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: NG (Nat Gas), KC (Coffee), SB (Sugar), SI (Silver), ZM (Soybean Meal), ZO (Oats), ZS (Soybeans), GC (Gold)
Down: HG (Copper), ZC (Corn), RB (RBOB Gasoline)
News for the day:
Dallas Fed Mfg Survey: 10:30a
*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 markets are like the Olympics in certain respects. At any given moment from the opening whistle, various forces are driving athletes to attain the goal of scoring more goals or crossing the line the fastest. Similarly, from the opening bell, different conditions entice traders to make certain decisions all with the same goal- greater profits. For much of 2013 and now in 2014, the bears have drawn the short straw with hopes of the markets regressing to the mean. The bullish activity has continued during the globex session as international investors have primarily been buying prior to the beginning of the RTH session. From a technical perspective, the S&P is in a high & tight holding pattern near the all-time highs. It is a bullish setup as it shows that the bulls are supporting prices and buying the dips with the intention that a new high will be made this week. The key level to watch is the high of 1846.5 and intraday bias is neutral/bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
No comments:
Post a Comment