*Highlighted region(s) denote strong area(s) of support/resistance
Daily Outlook
Prior Day Market Sentiment: Neutral/Bullish
Overnight Inventory Change:Selling
Inside Day/Outside Day:Inside Day
Location of price relative to market profile: At Point of Control
Notable overnight futures markets changes:
Up:NKD, SB
Down:ZC, ZS
News for the day:
Jobless Claims: 8:30a
Philly Fed Survey: 10:00a
*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 bulls continue to prop up prices near the all-time highs. The longer we stay at these levels, the higher the probability that prices will move higher. From an intraday perspective, we should open near the point of control (1676.5). Like yesterday, prices should test either the value area high/low and the previous day high/low from there. The major trading range for the day is between 1674-1676.5, so look for a trading opportunity around breakout of this range.
Stock of the Day: Ebay, Inc. (EBAY)
Earnings after market hours last night
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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