Prior Day Market Sentiment:Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Between POC and value area low
Notable overnight futures markets changes:
Up: Gold (GC), Corn (ZC), Dollar (DX)
Down:Bonds (ZB), Soybeans (ZS), Natural Gas (NG), Crude Oil (CL)
Projected ES price action for the day: The S&P has seen some added volatility this week with prices trading in both directions. The market is currently trading inside of the value area, making value area high (2061.5) and value area low (2049.5) the levels to watch for today. Trading has been neutral in the premarket and the higher probability is for choppy price action today given the location on the charts.
News for the day:
8:30a: PPI-FD
10:00a: Consumer Sentiment
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
S&P Daily Trend: Neutral
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