Daily Outlook
Prior Day Market Sentiment: Neutral
Overnight Inventory Change:Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: ZO (Oats), ZL (Soybean Oil), NKD (Nikkei)
Down:NG (Nat Gas), SB (Sugar), ZM (Soybean Meal), CC (Cocoa)
News for the day:
New Home Sales: 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: As the old saying goes, "the trend is your friend until the end when it bends." The S&P is setting up to continue its topside momentum after a balancing day yesterday. Price location is key in determining potential future price action. Since the balance occurred near the all-time highs it is a sign that value is being built near the area and that buyers are supporting the level. The bullish activity was confirmed as international traders have been buying during the globex session. The natural levels to watch are the new all-time high set at 1856.75 and the previous high of 1846.50. Intraday and long term edge to the bulls.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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