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:At POC
Notable overnight futures markets changes:
Up:Natural Gas (NG), Crude Oil (CL), Gold (GC)
Down: Soybeans (ZS), Corn (ZC), Euro (6E)
News for the day:
9:45a: PMI Manufacturing Flash Index
*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 continues to consolidate near the all-time highs, a bullish pattern. Volume has been exceptionally light on the S&P futures recently which, combined with the fact that intraday swings are occurring at key profile and pivot levels, are signals that short term traders have been controlling the price action. Until there is a breakout, keep the stops tight.
ES Daily Trend:Bullish
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