*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:Net short
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below POC & above value area low
Notable overnight futures markets changes:
Up: CC, SI, ZO
Down: ZM, CL, ZL
News for the day:
Producer Pricing Index: 8:30a
Petroleum Status Report: 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. Prices are set to open inside value/below the POC and should test either value area high/low based on buying/selling at the open. 1677-1679 continues to be a key area as the ES bounced off of the support level once again. The more times prices continue to test the level, the greater the likelihood that a big flush of selling will have to take place for clearance. Bears have their work cut out for them as short term bias is still up.
Stock of the Day:Blackberry (BBRY)
*Exploring alternates that could lead to a potential sale
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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