Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: CT (Cotton), SB (Sugar), NKD (Nikkei), ZM (Soybean Meal), 6N (New Zealand Dollar), HG (Copper), ZS (Soybeans)
Down: PA (Palladium), SI (Silver), GC (Gold)
News for the day:
GDP: 8:30a
Jobless Claims: 8:30a
Pending Home Sales Index: 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: The trading activity in the markets is similar to driving a car with a manual transmission. In order for the gears to properly shift, the stick must be adjusted at just the right time and pace. The markets had been on a bullish run in getting to gear 5 and making all-time highs dating back to 2013. At this point in time, the bears are attempting to "downshift" the gears and reverse course on the S&P. However, the bulls have continued to be resilient and the result has been wide range price action with the volume widespread on the profile. The main support level on the composite profile continues to be 1840 and will be on the radar at the open as well as the VPOC at 1839. If prices sell through the range than the intraday setup is to the short side. Any activity within the 1840-1860 should see continued whippy price action. Intraday edge is neutral/bearish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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