Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: KC (Coffee), PL (Platinum), PA (Palladium), SB (Sugar), SI (Silver), 6A (Aussie Dollar)
Down: NG (Nat Gas), NKD (Nikkei), CC (Cocoa), ZL (Soybean Oil), 6B (British Pound)
News for the day:
PMI Manufacturing Index: 8:58a
ISM Mfg Index: 10:00a
Construction Spending: 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: The S&P has been neutral during the overnight session and is set to open near Friday's close. After the most recent selloff the market has once again continued balancing in a lower range, but volatility has increased. Typically, the longer a market balances, the greater the push higher/lower as if prices were a springboard and were building up energy for the next move. The VIX also progressively increased the past week and the trend is starting to turn higher. At this point, a cluster of time and volume has been spent in the 1770-1780 range and a breakout of the range would be necessary before any high probability directional trades. The reference points for today are Friday's high and low of 1788.25 & 1764.75, respectively. Long term bias is still up until the trendline on the daily chart is penetrated. Intraday bias is a coin toss.
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
No comments:
Post a Comment