Major Support/Resistance Levels- ES
*Highlighted region(s) denote strong area(s) of support/resistance
Daily Outlook
Prior Day Market Sentiment:Neutral/Bullish
Overnight Inventory Change:Net long
Inside Day/Outside Day:Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up:NKD, NG
Down: SI, ZC, ZW, CL
News for the day:
Richmond Fed Manufacturing Index: 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: Prices are set to open right near the previous day high of 1693. The volume has been anemic as the ES continues to make all-time highs so intraday volume will be key to watch, especially on moves above 1693. If the bulls continue the upward momentum new buyers will have to step in, otherwise selling back into yesterday's range should be expected. Once again, 1690.5 will be a main point of support as it is Monday's point of control as well as the previous week's high.
Stock of the Day:Panera Bread (PNRA)
Earnings afterhours. Prices in the middle of the cloud and setting up for a strong directional play based on earnings results
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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