Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment:
Overnight Inventory Change:
Inside Day/Outside Day:
Location of price relative to market profile:
Notable overnight futures markets changes:
Up:
Down:
News for the day:
**NONE**
*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 continued it's journey within the high volume composite range as the bears initially sold the markets only for the bulls to buy the dip and close prices near the highs of the day. The market profile developed a "P" shaped formation, meaning that prices opened near the lows, were bought up to higher levels quickly before spending both time and volume at higher levels and, at the same time, increasing the value area. The globex session has been neutral and trading inside of value, making the value area high and low (1882.75 & 1876.25, respectively) the key levels to watch for today. Intraday edge is neutral until there is a breakout of the zone and longterm edge is neutral to bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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