*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:Bearish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile: At value area low
Notable overnight futures markets changes:
Up: CL, SI
Down: 6A, HG
News for the day:
Pending Home Sales: 10:00a
Petroleum Status: 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/bearish. After Tuesday's big selloff, the bears will look to continue the momentum lower. 1624 is a key level to watch as it is the base of the channel on the daily chart as well as near the previous day low and is an area the bulls will seek to protect. If prices can hold within the daily range, then the higher probability is for a balance day.
Stock of the Day: United States Oil ETF (USO)
52 Week Highs
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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