Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Neutral/long
Inside Day/Outside Day:Inside
Location of price relative to market profile: at value area low
Notable overnight futures markets changes:
Up: HG (Copper), SI (Silver)
Down: SB (Sugar), KC (Coffee), ZO (Oats), NG (Nat Gas), ZM (Soybean Meal), ZS (Soybeans)
News for the day:
PPI: 8:30a
Consumer Sentiment: 9:55a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Predicting what will happen in the markets is comparable to determining weather conditions. In both cases, it is easier to figure out the shorter time frames based on the current jet stream flow or trendline pattern. The longer the time horizon, the more variables that come into play which could influence the sentiment. Given the longterm bull market that we are in, any pullbacks could be considered blips on the radar until there is sustained bearish momentum. Bias has been primarily neutral during the premarket session but the bears have managed to sell prices through the high volume zone of 1865 and taking out 3 VPOCs in the process of yesterday's selloff. Watch for opening price action at the tape to see if the bears continue the liquidation. Intraday bias is neutral/bearish.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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