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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
Notable overnight futures markets changes:
Up: GC, SI, CL
Down:NKD, NG, ZC, Indexes
News for the day:
Case-Shiller Index: 9:00a
Consumer Confidence: 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: Bearish. Trading has been almost all on the sell side during the overnight session. It will be important to see how prices act at the open. If there is some short covering then the bulls might be able to gain some traction and lift prices to test the previous day low of 1653.25. However, if there is a liquidation break and bears take prices through the previous week low of 1636 with some momentum then ride the wave of selling.
Stock of the Day: Omnivision (OVTI)
Bullish cloud break
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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