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: NG (Nat Gas), CC (Cocoa), PA (Palladium), HG (Copper), PL (Platinum), SB (Sugar)
Down:NKD (Nikkei), KC (Coffee)
News for the day:
Petroleum Status Report: 10:30a
Treasury Budget: 2:00p
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Like Punxsutawney Phil emerging from it's hole last week, the bulls once came out of hibernation and bought up the markets in a strong way. After yesterday's 1% increase, the ES is now above the 20,50,& 200 daily moving averages. When there is such a big buy up during the RTH session, there typically is profit taking during the Globex session. However, prices have held steady near Monday's highs. If there is continued buying activity, the natural bullish target will be the VPOC at 1823.25. If there is a liquidation break at the open and prices selloff, then there should be a test of the 50 daily MA at 1814.5. Intraday edge is neutral. Longer term bias is still to the topside.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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