Daily Outlook
Prior Day Market Sentiment: Neutral
Overnight Inventory Change: Neutral/Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: NKD (Nikkei), NG (Nat Gas), PA (Palladium), 6A (Aussie Dollar), 6N (New Zealand Dollar), ZM (Soybean Meal), ZL (Soybean Oil), SB (Sugar),ZS (Soybeans)
Down:KC (Coffee), ZW (Wheat), OJ (Orange Juice)
News for the day:
Jobless Claims: 8:30a
Productivity & Costs: 8:30a
Factory Orders: 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:As Jackie Wilson so eloquently stated in his 1960s classic, "Your love keeps lifting me higher & higher." The same could be said for the S&P in that stocks keep lifting higher & higher. A new all-time record was made on the ES at 1877.75 during the globex session, a sign that international investors are still seeing value at these elevated levels and are purchasing the contracts prior to the market open. Prices have spent time & volume near Wednesday's high of 1875.5 which means that the buyers are protecting the level for further potential upside. These two levels will be key to watch for today as prices explore unchartered territory. Intraday edge is neutral/bullish.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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