Tuesday, February 3, 2015

Morning Update for Tuesday, February 3rd

Major Support/Resistance Levels- ES


Daily Outlook

Prior Day Market Sentiment: Bullish
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: Crude Oil (CL), Corn (ZC), Soybeans (ZS), Natural Gas (NG)
Down:Bonds (ZB), Gold (GC)


News for the day:

10:00a: Factory Orders


*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 choppy price activity continued yesterday as the market tested lower levels early in the session before bouncing back to close near the highs of the day, up more than 1%.  With prices trading well above the value area, the buyers are long in the hole.  The higher probability is for early liquidation to balance out the buyers and sellers before the S&P's next directional move.  

ES Daily Trend: Neutral


















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