Major Support/Resistance Levels- ES
Prior Day Market Sentiment:Bearish
Overnight Inventory Change:Net long
Inside Day/Outside Day:Inside
Location of price relative to market profile: Near value area high
Notable overnight futures markets changes:
Up: Crude Oil (CL), Soybeans (ZS), Corn (ZC)
Down: Natural Gas (NG)
News for the day:
8:30a: International Trade
8:30a: Jobless Claims
8:30a: Productivity and Costs
*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 trade in the well-defined range formed at the beginning of 2015. Yesterday's profile was evenly distributed, indicative of the fact that short term traders were in control of the market. There has been buying during the premarket as the offers have been lifted in the value area. The trading day is setting up inside of yesterday's range, so the stops should be kept close until there is further direction when the market opens for trading.
ES Daily Trend:Neutral
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