*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment:Bearish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near value area low
Notable overnight futures markets changes:
Up: ZS, NKD
Down:SI, GC
News for the day:
S&P 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:The ES cleared the 1700 level yesterday and gave back all of the gains after the Fed announcement. There has been significant volume building between 1690 & 1700, so any price action in the area will most likely be choppy. If prices sell below 1690 then the natural target will be the VPOC at 1685.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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