Morning Update for Monday, August 12th

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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: Net short
Inside Day/Outside Day:Outside
Location of price relative to market profile: Below value area low
Notable overnight futures markets changes:
Up:SI, NG, GC
Down:Indexes


News for the day:

Treasury Budget: 2:00p



*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 ES is set to open lower this morning below Friday's range. Typically, prices trend better when they are outside of the previous day's trading area, so if prices can clear 1674.5 then the higher probability is for continued selling from last week.  If buyers lift the offer and can manage to get prices back into Friday's value area, then another balance day should be expected.

*Dotted white lines indicate virgin point of control (VPOC)

 Stock of the Day:Freeport McMoran (FCX)

Volume coming in to the gold mining space

ES Daily Trend: Strongly Bullish

ES Weekly Trend:  Strongly Bullish

ES Monthly Trend:  Strongly Bullish