Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral/bearish
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: PA (Palladium), SI (Silver), PL (Platinum), CL (Crude Oil), CC (Cocoa), GC (Gold)
Down: NG (Nat Gas), NKD (Nikkei), ZW (Wheat), ZM (Soybean Meal), ZC (Corn)
News for the day:
ADP Employment Report: 8:15a
ISM Non-Mfg Index: 10:00a
Petroleum Status Report: 10:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Trading the markets can be related to running a marathon. After the major selloff on Monday, the bears expended a significant amount of energy and needed to catch it's breath yesterday, resulting in a balance day of trading within yesterday's value area. The S&P is still trading near the daily trendline support level which could pose an attractive location for the bulls to buy on the dips. Watch closely for yesterday's high/low prices to be penetrated initially as the first inflection points of the day. If the low can be taken out, any trading below Monday's low of 1732.25 would be a strong catalyst for sellers to step up and build bearish momentum. Intraday bias is neutral/bearish.
ES Daily Trend: Neutral/Bearish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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