Prior Day Market Sentiment:Bearish
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: Bonds (ZB), Gold (GC), Soybeans (ZS), 10 Year Note (ZN), Euro (6E)
Down: Dollar (DX)
Projected ES price action for the day:The volatility is starting to pick up on the ES as the bears are aiming to pull prices from the trendline support. After yesterday's selloff, there was significant selling during the postmarket, typically a sign that traders are attempting to build momentum before the next day's open and continue the reversal when equities are active. We are seeing more sell side volume on the daily chart from the all time highs and it could be the beginning of a change in market direction. Two things are needed for this to happen: 1. Profit taking from the bulls and 2. initiation of short positions by the bears. Given the afterhours selling, the intraday tone is more bearish.
News for the day:
8:15a: ADP Employment Report
9:45a: PMI Manufacturing Index
10:00a: ISM Manufacturing Index
10:00a: Construction Spending
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
You have already gave a good account of your blog! I can take a deep pride in my compatriots!
ReplyDelete