Morning Update for Monday, June 2nd

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: ZO (Oats), NKD (Nikkei), HG (Copper), NG (Nat Gas), SB (Sugar), SI (Silver)
Down:ZW (Wheat), PL (Platinum), ZC (Corn), 6A (Aussie Dollar)


News for the day:


PMI Manufacturing Index: 9:45a
ISM Mfg Index: 10:00a
Construction Spending: 10:00a

*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 march higher by setting a new record on Friday.  It marked the 8th straight day of bullish activity as traders lifted the offers to levels never seen before.  As mentioned in the weekend update, the S&P, Dow, & Nasdaq futures are at or near highs while the Russell has been more bearish and is trading inside the cloud.  While a higher average daily volume on the ES would have given even more credence to the rally, it is hard to deny the fact that the buyers have been more active in the markets.  A fresh high has been made during the globex session, making Friday's high of 1922.25 the key level to watch for today.  Intraday edge is bullish.

Stock of the Day:Intel, Inc. (INTC)- 52 week highs made on Friday

ES Daily Trend: Bullish

ES Weekly Trend:  Bullish

ES Monthly Trend:  Bullish