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:NKD, ZS, ZW
Down: SI, GC
News for the day:
Employment Situation: 8:30a
Personal Income & Outlays: 8:30a
Factory Orders: 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 all-important jobs report will set the tone for the price volatility in the markets today. If the numbers are positive and new buyers enter the market, then a key area will be the 1703-1705 level. If prices spend time above the area then look for a test of the R2 pivot at 1709.25. Otherwise, if traders sell the jobs news then a key support level is in the 1690-1692 range and where floor traders will be searching for buying opportunities.
Stock of the Day:Chevron Corp. (CVX)
Earnings before the bell. See blog post for earnings analysis.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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