Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net long
Inside Day/Outside Day:Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: ZO (Oats), 6N (New Zealand Dollar), ZW (Wheat), 6A (Aussie Dollar)
Down: NG (Nat Gas)
News for the day:
Jobless Claims: 8:30a
Retail Sales: 8:30a
Import & Export Prices: 8:30a
Business Inventories: 10:00a
Treasury Budget: 2:00p
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: When the S&P enters consolidation mode, the way it trades can be related to a springboard. Energy is built up within a trading range before elevating to higher levels or selling off to lower prices and the longer the market sits within the range, the more of a burst that often occurs in either direction. The bears had their turn at it yesterday to sell the markets, but the bulls are still too resilient and bought up the dip to bring the trading activity within the high volume node from 1865-1880. The buying has continued during the globex session, but any trading within the volume zone should be handled with care as both bulls and bears have been active at these levels. Intraday edge is neutral/bullish.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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