Daily Outlook
Prior Day Market Sentiment: Neutral/Bearish
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: CT (Cotton), SI (Silver), ZM (Soybean Meal), SB (Sugar), KC (Coffee), ZS (Soybeans), 6N (New Zealand Dollar), SB (Sugar), 6J (Yen)
Down: ZO (Oats), NKD (Nikkei), NG (Nat Gas), ZL (Soybean Oil)
News for the day:
Durable Goods Orders: 8:30a
Jobless Claims: 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 price action of the stock market can be compared to airplane flight patterns. When a plane is ready for takeoff, typically it circles the runway until air traffic control clears the congestion and gives the signal for advancing. When a plane is preparing to land, it often engages in a holding pattern before beginning its descent. Similarly, the S&P has started to form a basing pattern near the highs as buyers are supporting the markets and bears are keeping it small until selling momentum resumes. There tends to be lower daily volume and slower pace of the tape during this type of activity, especially when prices are trading inside the value area. Traders have sold the market during the globex session to the low of this week's range at 1837, making it the level to watch for the day. Intraday edge is neutral/bearish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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