Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near POC
Notable overnight futures markets changes:
Up: Dollar (DX), Natural Gas (NG)
Down:Soybeans (ZS), Corn (ZC), Euro (6E), Crude Oil (CL)
Projected ES price action for the day:The S&P rallied yesterday and is once again above the trendline. It is important to note the low volume buying days since the all-time high on February 25th. There have been 24 trading days since then and only 1 above average volume bullish day. On the contrary, there have been 8 above average sell days, a signal that the buyers may be running out of steam. The chart pattern is still neutral and the intraday tone is neutral to bearish with all of the premarket activity trading inside of Monday's range.
News for the day:
9:00a: S&P Case Shiller Index
9:45a: Chicago PMI
10:00a: Consumer Confidence
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
S&P Daily Trend: Neutral
