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 high
Notable overnight futures markets changes:
Up: HG (Copper), NKD (Nikkei), KC (Coffee), CT (Cotton), ZO (Oats), PA (Palladium)
Down: ZW (Wheat), NG (Nat Gas), CC (Cocoa)
News for the day:
Personal Income & Outlays: 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:The magnet theory of the markets continues to hold true given the wide range candles we have been seeing the past couple of weeks. On the ES, the high volume node around 1840 had been breached yesterday and created a bearish pattern for the day. However, as soon as the sellers were building momentum, large buy orders started to appear on the time & sales and created a balance day. Not coincidentally, Thursday's point of control (the price where the most volume had occurred) was exactly at the 1840 level. There has been buying during the globex session, but it should be taken with a grain of salt since any trading within the 1840-1860 is likely to see more choppy action due to all the cumulated volume in the range. Intraday edge is neutral/bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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