Major Support/Resistance Levels- ES
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near Point of Control
Notable overnight futures markets changes:
Up: Gold (GC), Dollar (DX)
Down:Crude Oil (CL), Natural Gas (NG), Corn (ZC), Soybeans (ZS), Euro (6E)
News for the day:
8:15a: ADP Employment Report
10:00a: ISM Non-Mfg Index
10:30a: Petroleum Status Report
*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 the range bound pattern dating back to early January. Until there is a breakout of the zone in either direction, the high probability trades are in the short term. Yesterday's profile had a fairly even distribution and prices are currently trading inside of value after some liquidation in the premarket. On an intraday basis, look for a clearance of value area high or low as confirmation for directional trades.
ES Daily Trend: Neutral
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