Daily Outlook
Prior Day Market Sentiment: Bullish
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: ZL (Soybean Oil), ZO (Oats), SI (Silver), NKD (Nikkei), HG (Copper)
Down: KC (Coffee), ZW (Wheat), 6N (New Zealand Dollar), NG (Nat Gas), HO (Heating Oil), SB (Sugar)
News for the day:
ADP Employment Report: 8:15a
Factory Orders: 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: There is a new movie coming up entitled "Divergent" which is a science fiction story about groups of people who are categorized based on a given personality trait. A divergent is one who possesses multiple traits and can sorted into multiple groups. The same could be said for the S&P yesterday as the SPX cash index made an all-time high but both the ES future and the SPY ETF still were a few points below the level. Typically the 3 indexes move in tandem and when there is such a divergence it will be noteworthy at the open to see if there is a liquidation break. Tuesday's high of 1878.75 will be key as prices have been trading near the highs during the premarket. The other main level to watch is the breakout point on the composite volume profile at 1875 for confirmation of the continued buying activity. Intraday edge is with the bulls.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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