Daily Outlook
Prior Day Market Sentiment: Neutral
Overnight Inventory Change:Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: ZL (Soybean Oil), KC (Coffee), CL (Crude Oil), HG (Copper), SI (Silver), GC (Gold), ZS (Soybeans)
Down:NG (Nat Gas), ZW (Wheat)
News for the day:
Employment Situation: 8:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Today marks an important day in the markets with the S&P at all-time highs and the monthly jobs report set to be announced at 8:30a. The combination of technical traders who do business at the breakout of the highs combined with the fundamental traders who enter positions based on macroeconomic news events will bring in added volatility to the markets and provide the potential for more intraday opportunities. The ES has seen more buyers during the premarket and the offers have been lifted near the high of 1887, which will be the level to watch for today. Intraday edge is bullish, but all hinges on the market reaction to the jobs report numbers.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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