Major Support/Resistance Levels- ES
Prior Day Market Sentiment:Bullish
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:Natural Gas (NG), Soybeans (ZS), Corn (ZC), Euro (6E)
Down: Gold (GC), DX (Dollar)
News for the day:
8:30a: Empire State Mfg Survey
10:00a: Housing Market Index
*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 made all-time highs on Friday as the bulls are looking to continue to establish the upward momentum. The Dow will be the index to watch this week as it was the only market not to make multi-year highs. Trading on the S&P has been neutral during the premarket, making Friday's high of 2094.5 the level to key on today. With prices currently trading inside of the value area, look for a breakout above/below the range if the market is to set up as a trending day.
ES Daily Trend:Bullish
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