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 high
Notable overnight futures markets changes:
Up: Crude Oil (CL), Natural Gas (NG)
Down:Euro (6E)
Projected ES price action for the day: The S&P is akin to physics and the law of gravity. For prices to move higher, there has to be momentum of buyers outweighing sellers. At any given point in time, buy volume must come into the market to elevate prices until demand is met. From there, it either will trade horizontally and wait for new buyers or sell off due to lack of new buyers entering the marketplace. We are currently entering a supply zone which has been tested twice since February on lower volume. Until there is a breakout of the area, the higher probability is for continued consolidation. The intraday tone is bullish.
News for the day:
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
No comments:
Post a Comment