*For FREE lessons on the Ichimoku Cloud and how it works, check out my other
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Major Support/Resistance Levels- ES
*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: At value area high
Notable overnight futures markets changes:
Up:ZS, ZC, ZL, ZO, ZW, NG, SI
Down: NKD
News for the day:
Durable Goods Orders: 8:30a
Dallas Fed Mfg Survey: 10:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Neutral/Bullish. The ES is set to open within Friday's range near the value area high and buyers will look to test the high of 1662.75. If more bulls step in and time is spent above the level, then continued buying will be likely. Otherwise, another balanced day could be expected. Keep in mind that we are in the B Wave of the Elliott Wave pattern, so short term daily bias is bullish (check out the 8/25/13 weekend update video for Elliott Wave details).
Stock of the Day:Halliburton (HAL)
At 52 week highs
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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