Thursday, March 19, 2015

Morning Update for Thursday, March 19th

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: Above value area
Notable overnight futures markets changes:
Up: Gold (GC), Soybeans (ZS), Corn (ZC), Bonds (ZB), Dollar (DX)
Down:Euro (6E), Natural Gas (NG), Crude Oil (CL)



Projected ES price action for the day:The S&P reacted positively to the Fed news yesterday as the decision makers are still being patient before raising interest rates.  Based on price location, the market is trading within the high volume composite profile between 1960-2090 and had tested the top after the announcement.  The premarket action has been neutral with all of the time and volume included in yesterday's trading range.  The key level to watch for today is Wednesday's high of 2099.75.  Any activity above the number will bring in added buyers looking to build momentum from the Fed event.  Intraday tone is neutral to bullish.
 
News for the day:

8:30a: Jobless Claims
10:00a: Philly Fed Business Outlook Survey



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

S&P Daily Trend: Neutral






No comments:

Post a Comment