Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Net short
Inside Day/Outside Day: Outside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: Crude Oil (CL), Gold (GC), Corn (ZC)
Down:Bonds (ZB), Natural Gas (NG)
Projected ES price action for the day:The S&P sold off dramatically on Friday after the subpar jobs report. Since the stock market was closed due to the Good Friday holiday, the reaction occurred on the futures. The futures have made back some of the ground in early morning trading and are approaching the support levels which had been built up recently. A head and shoulders pattern has been developing on the daily chart and could catch a bid at the neckline. If prices sell through the level, then the higher probability is for follow through as more short sellers enter the market. The midterm trend is neutral and the intraday tone is bearish.
News for the day:
10:00a: ISM Non-Mfg Index
*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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