Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Outside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: NG (Nat Gas), 6S (Swiss Dollar), ZM (Soybean Meal), ZS (Soybeans), 6E (Euro)
Down: NKD (Nikkei), CT (Cotton), KC (Coffee), SB (Sugar), PL (Platinum), 6A (Aussie Dollar), CL (Crude Oil), SI (Silver)
News for the day:
Jobless Claims: 8:30a
Retail Sales: 8:30a
Business Inventories: 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:Amazingly enough, the S&P has been up for the past 7 days straight. Yesterday's action was more balanced, but did have some topside extension as the bulls attempted to lift prices higher only to have prices close at the same level as the open. There has been selling during the globex session and the ES is currently trading below yesterday's low of 1812, which is the main level on the radar for today. The 50-day MA is still in play at 1805.50 and typically draws in buyers looking for a bounce when prices sell off. On the daily chart, prices are trading inside the cloud after testing the cloud top. Anytime trading occurs inside the cloud it is usually a sign of more two-way price action as the bulls and bears look to create a new trend in either direction. Intraday edge to the bears.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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