Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up: KC (Coffee), NG (Nat Gas), NKD (Nikkei), SB (Sugar), ZL (Soybean Oil), ZM (Soybean Meal), ZS (Soybeans), CL (Crude Oil)
Down:PA (Palladium), 6N (New Zealand Dollar), 6J (Yen), ZO (Oats)
News for the day:
Empire State Mfg Survey: 8:30a
Treasury International Capital: 9:00a
Housing Market Index: 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 bulls had its win streak continue on Friday for the tenth straight day as it once again approaches the all-time level of 1846.5. Looking at the composite volume profile for the past 52 weeks, a significant amount of volume has accumulated at 1838-1840, where the large institutions had taken profits. When this type of price/volume action occurs, a slew of buyers is necessary to propel prices through the level. The ES has tested the 1840 level during the globex session and will be the level to watch for the day. The open will be especially noteworthy due to the buildup of inventory from the long holiday weekend. Prices are trading inside of value exactly at Friday's POC, making the intraday bias a coin toss. Longterm edge is still up.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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