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:Above value area
Notable overnight futures markets changes:
Up:Natural Gas (NG)
Down: Crude Oil (CL), Corn (ZC)
News for the day:
10:30a: Petroleum Status Report
2:00p: Treasury Budget
*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 is at a key inflection point at the 2062.5 level. Not only is it a double top, the area also is where value is being built prior to a breakout in either direction. While prices are above the cloud on the daily chart, all of the ichimoku indicators are neutral. Until the ES can get above the inflection point with above average volume, the tone continues to be mixed and the higher probability is to see intraday reversals.
ES Daily Trend:Neutral
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