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:Between POC & Value area high
Notable overnight futures markets changes:
Up:Dollar (DX)
Down: Euro (6E), Corn (ZC), Crude Oil (CL)
News for the day:
8:30a: Housing Starts
8:30a: PPI-FD
9:15a: Industrial Production
2:00p: FOMC Minutes
*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 tone continues to remain bullish as the S&P tested the all-time highs during the premarket. The value area has been progressively higher for 5 days in a row and buyers will look to capitalize on the activity when the markets open for trading. Prices spent a significant amount of time on Tuesday near the all-time highs, a signal that there is volume accumulating higher in support of the latest round of buying. Today is a big news day with multiple red star events on the slate, including FOMC minutes. Long trades have a higher probability of success until further notice.
ES Daily Trend:Bullish
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