Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near value area high
Notable overnight futures markets changes:
Up:KC (Coffee), CT (Cotton), PA (Palladium), ZC (Corn), PL (Platinum), ZW (Wheat), ZL (Soybean Oil), SI (Silver), ZS (Soybeans)
Down:NKD (Nikkei)
News for the day:
Existing Home Sales: 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: The S&P has been up for 5 consecutive days and continues to leave the bears scratching their heads as they continue to search for shorting opportunities for a potential market reversal. Yesterday's profile lacked an excess high and still needs to get repaired as per market profile theory. This means that if buying continues today, the higher probability is for an elogantion of the profile up through yesterday's high of 1865.5, the key level to watch for today. The range is also important because it had served as inflection points from the April 9th and 10th highs. It is important to note that the value areas have risen progressively higher the past 5 days and indicates that the large institutions and banks have been buying the dip. Intraday edge is neutral/bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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