Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: Euro (6E), Bonds (ZB)
Down: Gold (GC), Dollar (DX), Natural Gas (NG), Crude Oil (CL)
Projected ES price action for the day: The S&P sold off sharply into the close yesterday with liquidation occurring during the last hour of trading. The premarket activity has been slightly bullish. The market is priced near value area low and the higher probability is for two way trade until there is a breakout of Tuesday's range. Intraday bias is bullish.
News for the day:
10:30a: Petroleum Status Report
2:00p: FOMC Minutes
*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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