The Cloud Trader: Morning Update for Wednesday, May 28th

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: PA (Palladium), ZS (Soybeans), ZM (Soybean Meal), ZL (Soybean Oil), CT (Cotton)
Down:KC (Coffee), ZW (Wheat), 6N (New Zealand Dollar), ZC (Corn)

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 theme of the markets continued upwards as a fresh all-time high was made yesterday in the S&P, marking the sixth consecutive day of increasing value areas on the profile. When this pattern develops on the charts, it is indicative that large traders and institutions are seeing additional value at higher prices and are lifting the offers of the contracts.The bullish activity has been confirmed by the fact that the market has seen both time and volume near the highs. Additionally, a new high has been made during the globex session as international traders were buying the markets and the bias continues to be to the topside until proven otherwise.

Stock of the Day: SPDR Gold Shares (GLD)- Down 2% yesterday