Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:
Inside Day/Outside Day:Inside
Location of price relative to market profile: At value area high
Notable overnight futures markets changes:
Up: ZL (Soybean Oil), ZC (Corn), ZS (Soybeans), ZM (Soybean Meal)
Down:NG (Nat Gas), SI (Silver), HG (Copper)
News for the day:
International Trade: 8:30a
Jobless Claims: 8:30a
ISM Non-Mfg Index: 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: And just like that, the S&P is back to the all-time highs. It is a reminder of one of the most important rules of trading: never fight the Fed. With interest rates near 0% to spark the economy, large banks and hedge funds continue to buy up the contracts in droves. Ever since the bears attempted to sell the ES through the high volume range on 3/27, there has been 5 consecutive days of higher value areas, creating 4 new VPOCs below, a sign that the bulls have been aggressive in buying any dips. Tomorrow is the monthly jobs report number and it increases the likelihood of intraday volatility as macro traders position themselves for tomorrow. The key level for today is the all-time high of 1886.25. Intraday bias is bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
No comments:
Post a Comment