Major Support/Resistance Levels- ES
Daily Outlook
Prior Day Market Sentiment:Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Inside value area near POC
Notable overnight futures markets changes:
Up:CL (Crude Oil), ZM (Soybean Meal), PL (Platinum), ZO (Oats)
Down:HG (Copper), NG (Nat Gas)
News for the day:
Petroleum Status Report: 10:30a
FOMC Minutes: 2:00p
*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 its ride within the high volume composite profile. Yesterday's profile showed a wide range double distribution, a sign that time and volume was spent in multiple zones as the markets search for the next directional move. Consequently, a large value area was built and prices have been trading near the POC (point of control) during the premarket session. When this type of pattern sets up, a high probability trade is shorting the value area high and/or buying the value area low. FOMC minutes are set to be announced this afternoon and should provide added volatility to the markets, especially if there is new information for the markets to process. Intraday edge is neutral.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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