Daily Outlook
Prior Day Market Sentiment: Bullish
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: NG (Nat Gas), ZO (Oats), SB (Sugar)
Down:CC (Cocoa), NKD (Nikkei), SI (Silver), ZL (Soybean Oil)
News for the day:
Housing Starts: 8:30a
PPI-FD: 8:30a
FOMC Minutes: 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 Kevin Durant of the NBA's Oklahoma City Thunder, the market is on a hot streak. Yesterday marked the 11th consecutive up day for the ES after January's selloff and today marks an important news day for the markets. FOMC Minutes are set to be announced at 2:00p and generally serves as a catalyst for increased volatility, especially for fundamental investors who base their decisions on macro news events. As anticipated, the markets bounced off of the high volume node from 1838-1840 and continues to be the main reference point for today's trading. The S&P has sold off during the globex session, making the open price action important to determine the activity of the bears. Typically on Fed days, the market trades in a range prior to the announcement so watch for a defined trading zone during the morning session as investors position themselves for the afternoon news. Intraday edge is neutral/bearish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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