Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area high
Notable overnight futures markets changes:
Up:Gold (GC), Corn (ZC), Soybeans (ZS)
Down: Crude Oil (CL), Natural Gas (NG)
Projected ES price action for the day: The S&P continued it's balancing phase near the all-time highs on low volatility and low volume. In this type of environment, traders are building for the next directional move. The higher probability is for continued higher prices, especially given the macro news environment with the Fed announcements.
News for the day:
8:30a: Consumer Price Index
8:30a: Durable Goods
8:30a: Jobless Claims
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
S&P Daily Trend:Bullish
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