Major Support/Resistance Levels- ES
Prior Day Market Sentiment:Bullish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Inside value area
Notable overnight futures markets changes:
Up: Bonds (ZB), Gold (GC), Ten Year Note (ZN), Crude Oil (CL)
Down:Natural Gas (NG)
News for the day:
8:30a: GDP
8:30a: Employment Cost Index
9:45a: Chicago PMI
10:00a: Consumer Sentiment
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: The ES has been selling off sharply in the premarket after the GDP news. Prices closed well above value yesterday, forcing many of the long traders to cover their positions in the premarket. The open will be key to determine if the selling momentum will continue as the trading day unfolds. The key level to watch for today is the 50% retracement of yesterday's candlestick at 2000. The volatility is picking up once again as the choppy price action is becoming the norm.
ES Daily Trend:Neutral
