Prior Day Market Sentiment:Bearish
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:Corn (ZC), Soybeans (ZS), Dollar (DX)
Down: Bonds (ZB), Euro (6E), Natural Gas (NG)
Projected ES price action for the day: The S&P has continued its retracement from the 2100 high volume node with the market selling off more than 1.3% yesterday and clearing 2 VPOCs in the process. There has been some short covering during the premarket as offers have been lifted to value area low. The short term bias is still bearish and the open will be key to determine if traders continue to sell the contracts.
News for the day:
10:30a: Petroleum Status Report
2:00p: Treasury Budget
*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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