Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near value area high
Notable overnight futures markets changes:
Up: ZS (Soybeans), ZM (Soybean Meal), ZL (Soybean Oil), ZC (Corn), PL (Platinum)
Down: CT (Cotton), ZW (Wheat), PA (Palladium), ZO (Oats)
News for the day:
PMI Manufacturing Index: 9:45a
ISM Mfg Index: 10:00a
Construction Spending: 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: Like a ping pong ball, prices once again have bounced from low to high within the 1835-1875 high volume composite profile. Since we know that a significant amount of business has been conducted inside the range, the price action is more likely to be choppy as the bulls and bears look to build momentum for a breakout trade. The trading activity at the open will be key to notice if there is any profit taking prior to a potential liquidation break. There has been some buying during the premarket and the first topside target is Monday's high of 1868 before a test of the 1875 level. If prices can clear 1868, then the intraday bias will be more bullish. Any activity within Monday's range will be a coin toss for a breakout in either direction and should be traded with care.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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