Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: Natural Gas (NG), Bonds (ZB), Euro (6E), 10 Year Treasury Note (ZN)
Down:Dollar (DX), Soybeans (ZS), Corn (ZC), Crude Oil (CL)
Projected ES price action for the day:The S&P had a positive day yesterday as prices had approached the ascending trendline dating back to October. The market continues to trade within the intermediate consolidation zone and should see added volatility, especially with the Fed announcement set for tomorrow. Looking at the profile analysis, there was a "p" formation that had developed which is indicative of a short covering rally. There has been some liquidation during the premarket and the intraday tone is neutral prior to the market open.
News for the day:
8:30a: Housing Starts
*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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