Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near value area high
Notable overnight futures markets changes:
Up: HG (Copper), NG (Nat Gas), HO (Heating Oil)
Down:PA (Palladium), OJ (Orange Juice), ZW (Wheat)
News for the day:
Case Shiller Home Index: 9:00a
Consumer Confidence: 10:00a
New Home Sales: 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 theme of wide range candles and high volume continued yesterday as bulls and bears are engaging in a tug-of-war near the all-time highs. The bears have started to push on the gas pedal since last week's Fed news, but don't have much to show for it yet, resulting in higher volatility and significant volume being built in the 1840-1870 range. Until there is a breakthrough in either direction, the higher likelihood is for two-way trading and volume spikes. The best course of action would be to trade smaller with closer profit targets to preserve as much capital as possible. Longterm edge is still bullish; intraday edge is a coin toss.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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