Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net short
Inside Day/Outside Day:Inside
Location of price relative to market profile:At value area low
Notable overnight futures markets changes:
Up: ZO (Oats), SB (Sugar), PL (Platinum)
Down: KC (Coffee), CT (Cotton), CL (Crude Oil)
News for the day:
Consumer Sentiment: 9:55a
*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 price action of the markets can be likened to the pace of a marathon. During the course of the race, there are spurts of faster mile times and there are parts of the course where the runners take a breath and conserve energy before the next surge. After 6 updays in a row, the S&P has traded more horizontally the past couple of days. The ES opened near the overnight highs yesterday, but there was a liquidation break at the open and resulting in selling during the AM session before a buyback rally later in the afternoon. The profile had wide distribution throughout the intraday range and are currently trading in the premarket near the value area low of (1868.75). If prices remain in the value area zone, then the higher probability is for two way trading activity. If prices continue to liquidate, the next level of support is Thursday's low of 1863.75. Intraday edge is neutral/bearish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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