*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral/Net short
Inside Day/Outside Day: Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: --
Down:Silver (SI), Nikkei (NKD), Gold (GC), Palladium (PA), Platinum (PL)
News for the day:
Durable Good Orders- 8:30a
Consumer Sentiment- 9:55a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day:As expected, yesterday turned out to be a balance day between Wednesday's and Thursday's trading ranges. The distribution on the profiles have been normalized which is usually indicative of short-term traders leading the market. Further neutral activity is likely until prices lift above 1754.75 to the topside. On the other hand, value is being built around 1738.25, so bears will have to clear the level to generate any selling momentum.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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