Major Support/Resistance Levels- ES
Prior Day Market Sentiment:Bearish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: Natural Gas (NG)
Down: Gold (GC), Corn (ZC)
News for the day:
8:30a: Jobless Claims
10:00a: Pending Home Sales
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Yesterday was the second consecutive day of selling in the markets after the Fed announcement in the afternoon. The ES prices have once again entered the cloud and is a signal of continued choppy activity as buyers and sellers look for a short term direction in the markets. The S&P closed well below the value area yesterday and potentially is an indicator that some traders are short in the hole and setting up for a bounce early in the trading day. For this reason, the opening will be key. If there is bullish activity early in the session, then the likelihood is for an inside day. However, if sellers step in and push the markets lower, then the bearish tone should continue and could set up for a trending day.
ES Daily Trend: Neutral
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