Monday, February 9, 2015

Morning Update for Monday, February 9th

Major Support/Resistance Levels- ES



Daily Outlook

Prior Day Market Sentiment:Neutral
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: Crude Oil (CL), Natural Gas (NG)
Down: Corn (ZC)


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 two way price action continues on the S&P as prices cleared the consolidated triangle pattern on Thursday.  Additional buyers will need to step in to lift the offers to sustain the short term momentum.  The backside of the trendline has already been tested, indicative of the fact that short-term, technical traders are active.  There has been selling during the premarket to balance some of the inventory from Friday.  The tone for the day is neutral to bearish.

ES Daily Trend: Neutral






















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