Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile:At value area high
Notable overnight futures markets changes:
Up:CT (Cotton)
Down:ZW (Wheat), PA (Palladium), SI (Silver), PL (Platinum), ZL (Soybean Oil), ZC (Corn)
News for the day:
**NONE**
*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 S&P bounced back last week and recouped all of the losses from the selling after the Fed news from the prior week. Each of the past three days has seen progressively higher value areas on the profile heading into the Easter holiday and closed near the intraday highs, both of which are bullish signs. Looking at the ichimoku cloud structure, prices are once again trading above the cloud, but the tenkan line is still below the kijun line. Until there is a bullish crossover, the longer term bias is more neutral to bullish. Trading during the premarket has been relatively flat with prices near the value area high. The key levels to watch will be Friday's high at 1863.75 to the topside and the convergence level of 1851 if there is any liquidation.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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