Monday, March 16, 2015

Morning Update for Monday, March 16th

Daily S&P Outlook

Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: Euro (6E), Bonds (ZB), Gold (GC)
Down:Dollar (DX), Crude Oil (CL), Natural Gas (NG)



Projected ES price action for the day: The S&P had sold off the majority of last week and it has returned to the range that had developed from early 2015.  Given the price location of the market, the price action is more likely to be choppy with more volatility until the next short term trend can be defined.  Intraday bias is neutral/bullish.
 
News for the day:

8:30a: Empire State Mfg Survey
9:15a: Industrial Production
10:00a: Housing Market Index


*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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