Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up:NQ (Nasdaq), HG (Copper), NG (Nat Gas)
Down:SI (Silver), KC (Coffee), ZL (Soybean Oil)
News for the day:
Durable Goods: 8:30a
Jobless Claims: 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: Never underestimate the effect that a stock can have on the entire index. Once Apple reported earnings after the bell last night, the S&P futures shot up 5 handles and the Nasdaq futures are up more than 1% in the premarket. Given the recent surge of buyers for the past week and the majority of companies reporting better than expected earnings, the higher probability is for continued upside momentum. Yesterday's profile was balanced as the markets took a day of rest to consolidate before the next directional move. With prices trading above Wednesday's range, the key level is the high of 1873.75, which coincides with the R1 pivot level. Intraday edge is bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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