Daily Outlook
Prior Day Market Sentiment: Neutral
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: NG (Nat Gas), SI (Silver), PA (Palladium), CL (Crude Oil), ZL (Soybean Oil), ZO (Oats), 6A (Aussie Dollar), HG (Copper), CT (Cotton), Indexes
Down: KC (Coffee)
News for the day:
International Trade: 8:30a
Jobless Claims: 8:30a
Productivity & Costs: 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 closed at the exact same price as Tuesday, although it wasn't for a lack of volatility. After a liquidation break from the open, the market sold off to the support level of 1732.25, only to see a slew of buyers step in and lift the offers back inside of the daily range. The bounce also coincided with the daily trendline support point. Additionally, the market profile development has overlapping value areas the past couple of days which has been cleared during the globex (overnight) session. The majority of the inventory has been net long and, when the markets open for trading, prices will have to hold above yesterday's high of 1750.75 to confirm the bullish intraday activity. Intraday edge to the bulls.
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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