Thursday, February 12, 2015

Morning Update for Thursday, February 12th

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:Crude Oil (CL), Natural Gas (NG)
Down: Bonds (ZB), 10-year note (ZN), Dollar (DX)


News for the day:

8:30a: Jobless Claims
8:30a: Retail Sales
10:00a: Business Inventories

*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 cleared the double top yesterday that had been forming since the beginning of 2015.  It is important to note that the price activity happened on low volume and more buyers will need to step in above the level to confirm the bullish activity.  While viewing the profile development from yesterday, the most volume had occurred at the double top of 2062.50, the key level to watch for today.  There has been buying during the premarket, so the open will be key to see if the momentum continues upward or if there is a liquidation break back inside of the range.  The intraday tone is neutral to bullish.

ES Daily Trend: Neutral/Bullish































No comments:

Post a Comment