Friday, June 20, 2014

Morning Update for Friday, June 20th

Major Support/Resistance Levels- ES



Daily Outlook

Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral/Long
Inside Day/Outside Day:Inside
Location of price relative to market profile:Above value area



News for the day:

NONE


*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention

Stock of the Day: Russell 2000 Futures (TF)- Long trade above the cloud






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Thursday, June 19, 2014

Morning Update for Thursday, June 19th

Major Support/Resistance Levels- ES



Daily Outlook

Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up:NKD (Nikkei), ZW (Wheat), ZO (Oats), SI (Silver), ZC (Corn), GC (Gold), 6A (Aussie Dollar)
Down: --


News for the day:

Jobless Claims: 8:30a
Philadelphia Fed Survey: 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: And the buying continues.  After a neutral Fed announcement yesterday, traders continued to lift the offers back near the all-time records.  The profile showed a wide range distribution with prices closing near Wednesday's high of 1949.25, the key level to watch for today.  The tone remains positive with the next long target at 1954.

Stock of the Day: Amazon, Inc. (AMZN)- Announcement yesterday of 3D smartphone






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Monday, June 16, 2014

Morning Update for Monday, June 16th

Major Support/Resistance Levels- ES




Daily Outlook

Prior Day Market Sentiment:Bearish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: ZW (Wheat), ZO (Oats), CT (Cotton), HG (Copper), SB (Sugar), KC (Coffee), NG (Nat Gas), ZC (Corn)
Down:NKD (Nikkei), ZL (Soybean Oil)


News for the day:

Empire State Manufacturing Survey: 8:30a
Treasury International Capital: 9:00a
Industrial Production: 9:15a
Housing Market Index: 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 has continued its pullback from the all-time highs made on June 9th.  Thursday saw a wide range distribution during the selloff, while Friday's profile was primarily balanced with prices trading near Thursday's low.  There has been more bearish activity during the globex session as the profit taking continues.  The next major level of support is 1900 and will be in focus this week for an intraday long trade.  The ES is still above the secondary trendline and until there is selling through the range, the tone continue to be to the buy side.

Stock of the Day:Medtronic, Inc. (MDT)- Stock recently upgraded






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Thursday, June 5, 2014

Morning Update for Thursday, June 5th

Major Support/Resistance Levels- ES




Daily Outlook

Prior Day Market Sentiment:Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up: ZO (Oats), NG (Nat Gas)
Down: ZL (Soybean Oil), NKD (Nikkei)


News for the day:

Jobless Claims: 8:30a

*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 S&P once again made an all-time high as large traders and institutions continued to buy up the contracts.  From a profile perspective, the value area rose as well, creating a P shaped formation with the bulls being active right from the start.  The buying continued in the premarket as another record level was made.  Intraday edge is bullish with Wednesay's high of 1927 being the key price point for the day.

Stock of the Day:Joy Global, Inc. (JOY)- Earnings reported before the bell






ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 






Tuesday, June 3, 2014

Morning Update for Tuesday, June 3rd

Major Support/Resistance Levels- ES




Daily Outlook

Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: CT (Cotton), SI (Silver)
Down:HG (Copper), ZL (Soybean Oil), ZS (Soybeans), ZC (Corn), ZM (Soybean Meal), ZO (Oats), NKD (Nikkei)


News for the day:

Factory Orders: 10:00a

*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention

Stock of the Day: Mannkind Corp. (MNKD)- Recently made 52 week highs







ES Daily Trend: Bullish




ES Weekly Trend:  Bullish





ES Monthly Trend:  Bullish 





























Monday, June 2, 2014

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