Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near POC
Notable overnight futures markets changes:
Up:Euro (6E), Bonds (ZB), Gold (GC), 10 Year Treasury Note (ZN), Crude Oil (CL)
Down: Dollar (DX)
Projected ES price action for the day: The S&P had sold off again on Wednesday as the market retraces from the all-time highs. The premarket inventory has been net long with prices set to open inside of value area. As a result, buying at the open will bring the value area high into play and potentially lead to some short covering from the sell off this week.
News for the day:
8:30a: Jobless Claims
8:30a: Retail Sales
8:30a: Import and Export Prices
10:00a: Business Inventories
*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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