Morning Update for Friday, March 20th

Daily S&P Outlook

Prior Day Market Sentiment: Bearish
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: Natural Gas (NG), Euro (6E), Bonds (ZB), Gold (GC)
Down:Dollar (DX), Crude Oil (CL)



Projected ES price action for the day:The S&P retraced some of the large upmove from the Fed announcement on Wednesday.  Yesterday was a balancing day with an evenly distributed profile with prices closing at the point of control.  The overnight action has been more bullish and the key level to watch will be Thursday's high of 2089.5.  If prices can get above it and time and value build higher, then the next natural target will be the Wednesday's high of 2099.75.  Intraday edge is bullish.
 
News for the day:

*NONE*



*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention

S&P Daily Trend: Neutral