Major Support/Resistance Levels- ES
Prior Day Market Sentiment: Bearish
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:Natural Gas (NG), Dollar (DX)
Down: Crude Oil (CL), Euro (6E), Corn (ZC), Bonds (ZB)
News for the day:
10:00a: JOLTS
*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 has been active in the premarket and is up .50% before the market opens for trading. If the buying continues, the key level to watch is the double top at 2062.5. The tone remains neutral given the horizontal trading pattern dating back to the beginning of 2015. Today is light on news, giving an edge to the short term traders.
ES Daily Trend:Neutral
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