Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: Neutral
Notable overnight futures markets changes:
Up: Dollar (DX), Natural Gas (NG), Bonds (ZB)
Down: Soybeans (ZS), Gold (GC), Euro (6E), Crude Oil (CL)
Projected ES price action for the day:The S&P rallied on Monday after the less than stellar jobs report from Friday. The reason cited by analysts was because the jobs number would lead the Fed to wait longer to raise interest rates and extend the bullish environment that has been in place since early 2013. The trading activity recently seen in the markets emphasizes the point of trading price action rather than the news. The activity in the premarket has been balanced and the location of trade is key. The shorts were able to sell the market below the trendline only to have to bulls lift the offers after the jobs report. However, the market is fluctuating in a trading range with a neutral bias for the day.
News for the day:
10:00a: Jolts
*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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