Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Inside
Location of price relative to market profile: At value area high
Notable overnight futures markets changes:
Up: SI (Silver), KC (Coffee), PL (Platinum), GC (Gold), PA (Palladium), ZO (Oats), SB (Sugar)
Down:NKD (Nikkei), CC (Cocoa), ZL (Soybean Oil), NG (Nat Gas)
News for the day:
Jobless Claims: 8:30a
Import and Export Prices: 8:30a
Treasury Budget: 2:00p
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: When it comes to the markets, the phrase that comes to mind is "expect the unexpected." Just as the bears started to gain some momentum for the past week in selling contracts through the high volume node on the composite profile, the bulls swooped in and bought the dip after the positive Fed news yesterday of near 0 interest rates for the foreseeable future. The importance of key swing levels on the charts cannot be understated in identifying locations on the chart for potential inflection points. The 1832 price level had been an area of support which saw three tests of the range and each time the bulls lifted the offers. It held once again and the S&P is trading in the middle of the high volume node from 1830-1880. The higher probability is for continued two-way trading and the most advisable strategy would be smaller profit targets and the use of stop loss orders to limit risk. Intraday edge is neutral/bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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