*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 long
Inside Day/Outside Day: Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: Indexes, 6A, ZB, ZN, SI, 6J, 6E
Down: VX, CL, NG, ZS, DX
News for the day:
Empire State Mfg Survey: 8:30a
Industrial Production: 9:15a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Bullish. Prices gapped up at the open of premarket trading last night after news that Larry Summers was withdrawing his name from the Fed Chairman list. The markets looked favorably on the news with the ES above value and getting closer to the all-time high of 1705 which is the key level to watch.
Up ~5% in the premarket
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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