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: ZW (Wheat), ZO (Oats), ZC (Corn), CL (Crude Oil), GC (Gold), NG (Nat Gas), ZS (Soybeans), SI (Silver), ZL (Soybean Oil), ZM (Soybean Meal), CT (Cotton), ZB (Bonds), 6J (Yen)
Down: NKD (Nikkei), SB (Sugar), CC (Cocoa), Indexes
News for the day:
Personal Income & Outlays: 8:30a
ISM Manufacturing Survey: 10:00a
Construction Spending: 10:00a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day:Trading in some ways mirrors the Academy Awards. Actors and movies all have different styles and philosophies about what it takes to be successful in winning an Oscar. Similarly, traders have different views of the markets in determining what is needed to make successful trades. For the majority of 2013 & 2014, the bulls have been rewarded for sticking with the trend and riding the wave of higher prices.
The futures markets have sold off significantly when the markets reopened on Sunday night in the wake of the Russian news of invading the Ukraine. It marks the first time in weeks where the markets gapped down more than 1% during the globex session and is a sign of a significant increase in volatility. Since prices are currently trading outside of Friday's trading range, the bears will look to build additional sell side momentum when the equity markets open for business. Intraday edge to the bears.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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