Major Support/Resistance Levels- ES
Prior Day Market Sentiment:Neutral
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:Crude Oil (CL), Corn (ZC), Soybeans (ZS)
Down: Gold (GC), Bonds (ZB)
News for the day:
9:00a: Case Shiller Index
10:00a: Consumer Confidence
*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 continued to hover near all time highs on low volume. While the markets can make new highs on low volume, the above average quantities give credence to the move higher. On the profile, inventory is balancing between the 2085-2105 levels. Trading in this range can be interpreted as mixed and breakout trades for individual stocks should have tighter stops given the higher probability for a reversal. All in all, the tone is still bullish as the market prepares itself for the next directional move.
ES Daily Trend:Bullish
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