Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near value area high
Notable overnight futures markets changes:
Up:ZO (Oats), KC (Coffee), ZM (Soybean Meal), ZS (Soybeans), ZW (Wheat)
Down:SB (Sugar), PA (Palladium)
News for the day:
Jobless Claims: 8:30a
Philadelphia Fed Survey: 10:00a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Earnings season is in full swing with a significant number of Dow companies and momentum names reporting after the bell last night and premarket this morning including Google, IBM, American Express, Pepsi, Morgan Stanley, Dupont, Honeywell, Goldman Sachs, & GE among others. Earnings reports often brings in added volatility to the markets with traders looking to capitalize on projected growth rates of the respective companies. Given the context of the long term uptrend, the path of least resistance is still higher until proven otherwise. During the premarket, there has been some selling back into Wednesday's value area. If the location of trade remains the same when the market opens for business, the higher probability is for two-way trading until prices can clear the intraday high (1857)/low (1840.75), which are the key levels to watch for today. Intraday edge is neutral.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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