Prior Day Market Sentiment:Neutral
Overnight Inventory Change:Net long
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), Gold (GC), Euro (6E), Crude Oil (CL)
Down:Soybeans (ZS), Dollar (DX)
Projected ES price action for the day:The S&P has been able to hold the gains from last week's Fed announcement with same size bars forming on the daily chart the past 2 days. The profile formed a "p" distribution yesterday, a more bullish sign as shorts liquidating their positions. The premarket activity has seen more buying and the intraday tone is neutral, especially with prices set to open inside of the value area.
News for the day:
8:30a: Consumer Price Index
9:45a: PMI Manufacturing Index
10:00a: New 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
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