Morning Update for Monday, March 23rd

Daily S&P Outlook

Prior Day Market Sentiment:Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up:  Corn (ZC), Euro (6E), Soybeans (ZS)
Down:Gold (GC), Dollar (DX), Crude Oil (CL), Natural Gas (NG)



Projected ES price action for the day:The S&P has rallied once again and is approaching the all-time highs after the positive Fed news from last week.  Friday's profile revealed a poor high and, if there is buying today, the high probability is for a push above Friday's range.  Trading during the premarket has been evenly distributred and intraday tone is neutral to bullish.
 
News for the day:

10:00a: Existing Home Sales


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

S&P Daily Trend: Neutral/Bullish