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 low
Notable overnight futures markets changes:
Up:KC (Coffee), SI (Silver), NG (Nat Gas)
Down: 6A (Aussie Dollar), CT (Cotton)
News for the day:
PMI Manufacturing Index: 9:45a
New Home Sales: 10:00a
Petroleum Status Report: 10:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: The S&P has continued it's march higher with yesterday marking the sixth consecutive up day for the markets. After clearing the swing pivot high of 1866.5, the next test on the daily chart is the all-time high of 1892.5. There has been some minor selling during the premarket with prices currently trading near the value area low of 1872, which coincides with the daily pivot level and will be the key level to watch for the day. Yesterday saw buying almost immediately from the open and created a "P-shaped" formation on the market profile. When this occurs, there are typically unfilled buy orders at yesterday's opening price of 1866.75. As a result, if there is any liquidation when the market opens for business, the higher probability is for some type of bounce around the level. Intraday bias is neutral.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
No comments:
Post a Comment