Morning Update for Thursday, April 9th

Daily S&P Outlook

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 low
Notable overnight futures markets changes:
Up: Crude Oil (CL), Dollar (DX)
Down: Gold (GC), Corn (ZC), Euro (6E), Soybeans (ZS)



Projected ES price action for the day: The S&P has been balancing this week after the positive reaction on Monday to the subpar jobs report.  Given the recent triple bottom on the chart, it is clear that the bulls are supporting the market and buying the dips.  There has been some shorts selling during the premarket, but expect more traders to enter on a breakout of Wednesday's range.  Intraday bias is bearish.
 
News for the day:

8:30a: Jobless Claims


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

S&P Daily Trend: Neutral