Monday, April 7, 2014

Morning Update for Monday, April 7th

Major Support/Resistance Levels- ES




Daily Outlook

Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Outside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: KC (Coffee), NG (Nat Gas), ZO (Oats), ZW (Wheat)
Down: SB (Sugar), PL (Platinum), NQ (Nasdaq), PA (Palladium), CL (Crude Oil)



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 jobs report on Friday brought back added volatility to the markets, the likes of which we haven't seen in weeks.  It is important to remember that the indexes don't crash up, they crash down.  After a significant rise dating back to 2013, the bears are licking their chops to build some momentum.  Selloffs typically occur after major news events and Friday may be the beginning of the correction, however no one knows when or the significance of the pullback.  The charts tell us everything about the price action to make the trading decisions.  Based on the premarket activity, prices on the ES have sold below Friday's range, a bearish sign.  The open will be noteworthy to see if there is any profit taking to lift the offers back up to Friday's low of 1855.75, which is the key level to watch for today. If the liquidation continues, there is a high volume node at 1840 and would be a natural target for the bulls to step in for a bounce. At this point, intraday edge to the bears.



Stock of the Day: Google, Inc. (GOOGL)- Bearish cloud break with large volume








ES Daily Trend: Neutral/Bullish






ES Weekly Trend:  Bullish







ES Monthly Trend:  Bullish 





















No comments:

Post a Comment