Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near POC
Notable overnight futures markets changes:
Up: NG (Nat Gas), 6A (Aussie Dollar), KC (Coffee), 6N (New Zealand Dollar), CT (Cotton), HG (Copper), 6M (Mexican Peso)
Down:NKD (Nikkei), GC (Gold)
News for the day:
Factory Orders: 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 futures sold off in a huge way yesterday, down 45 handles and more than 2.3% for the day. The combination of profit taking from 2013 and the bears adding to their short positions caused a major trending day with the index trading below the 20-moving average on the 15 minute chart for the entire day. The ES is at a crossroads despite the big red day yesterday with prices right at the long term trendline on the daily chart dating back to June 2013 (see link below). The higher probability is at least for a modest bounce as trendlines attract additional traders to the markets combined with the short covering from yesterday with the first target being the daily pivot at 1748. If there is a liquidation break at the open and sell below yesterday's low of 1732.25 than the setup is for another bearish day. With prices trading right at yesterday's POC there is a neutral bias for intraday activity.
http://tos.mx/qXnkaD
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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