Morning Update for Wednesday, March 25th

Daily S&P Outlook

Prior Day Market Sentiment:Bearish
Overnight Inventory Change:Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: Crude Oil (CL), Euro (6E), Gold (GC), Bonds (ZB)
Down:Natural Gas (NG), Dollar (DX)



Projected ES price action for the day: The S&P had a mild selloff yesterday and prices continue to build value near the all-time highs.  The chart is still above the trendline dating back to October 2014 and the tone remains bullish while the market makes higher highs.  The profile had a fairly even distribution yesterday, indicative of a balance day lower.  Overnight trading was neutral and the intraday bias is even.
 
News for the day:

8:30a: Durable Goods Orders
10:30a: Petroleum Status Report


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

S&P Daily Trend: Neutral/Bullish