Daily Outlook
Prior Day Market Sentiment: Neutral
Overnight Inventory Change: Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near POC
Notable overnight futures markets changes:
Up: NG (Nat Gas), KC (Coffee)
Down: ZO (Oats), ZC (Corn), SB (Sugar), ZW (Wheat), CL (Crude Oil), ZM (Soybean Meal), PL (Platinum), PA (Palladium), NKD (Nikkei)
News for the day:
NONE
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day:There was a famous commercial that penned the slogan "why ask why?" The same can be said for the markets. CNBC analysts continue to generate stories as to the reasons for why the S&P fluctuates each day. Whether it's the situation in the Ukraine, a Janet Yellen press conference, or because the groundhog saw it's shadow, there is always going to a headline. The problem with this methodology is that they are in the entertainment business first and all of the analysis is based on hindsight. If you are a day trader, the main focus is on price action RIGHT NOW in the moment. If prices approach all-time highs of 1887.5 today, we watch to see how fast the tape is moving and look to see if there is a flush of buyers who want to push the market higher. Not much volatility during the premarket, but the bulls continue to be active in the larger time frames. Intraday edge is neutral/bullish.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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