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: Above value area
Notable overnight futures markets changes:
Up:PA (Palladium), ZL (Soybean Oil), 6A (Aussie Dollar)
Down:KC (Coffee), CC (Cocoa)
News for the day:
Jobless Claims: 8:30a
*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's are currently trading in a "rubber band" style as prices have fluctuated within a well-defined trading range dating back to mid-April. Each time the bears have attempted to sell the market and drive prices lower, the bulls step in, buy the dips, and lift the offers back into the 1860-1880 high volume zone. Another signal of the horizontal price activity is the divergence of the major indexes. Typically, the indexes trade in tandem as the market reacts to news and developments throughout the day. However, the S&P and Dow were well in the green yesterday while the Nasdaq and Russell had sold off with the Russell selling below trendline support. The ES has been neutral during the globex session and, until prices breakthrough the zone, the higher probability is for more two-sided trading and choppy price action. Intraday edge is neutral.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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