Major Support/Resistance Levels- ES
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:CC (Cocoa), Stock Indexes
Down:KC (Coffee), ZO (Oats), ZW (Wheat), ZC (Corn), ZS (Soybeans), SI (Silver), ZM (Soybean Meal), CT (Cotton), SB (Sugar), GC (Cold)
News for the day:
Durable Goods Orders: 8:30a
Case Shiller Index: 9:00a
Consumer Confidence: 10:00a
Dallas Fed Mfg Survey: 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 bulls are on parade once again. All-time highs were made in the S&P futures market on Friday as well as during the shortened holiday session yesterday. There are mixed volume confirmation signals, however, as prices are reaching the record levels. The profile is displaying progressively higher value areas for 5 consecutive days with the closing price near the point of control (POC) for each day. At the same time, the daily volume has been below the 50 day averages during the breakout, likely due to the holiday weekend. The bias is clearly with the buyers but volume will be in focus this week to confirm the move higher.
ES Daily Trend: Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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