Thursday, February 19, 2015

Morning Update for Thursday, February 19th

Major Support/Resistance Levels- ES




Daily Outlook

Prior Day Market Sentiment: Neutral
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up:Gold (GC), Natural Gas (NG)
Down: Crude Oil (CL)


News for the day:

8:30a: Jobless Claims
10:00a: Philly Fed Survey
11:00a: Petroleum Status Report

*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 build value near the all-time highs.  There have been 4 consecutive days where volume has grown from the 2086-2095 range.  This is a positive sign due to the fact that bulls are propping up the markets in preparation for the next directional move. 

ES Daily Trend:Bullish














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