Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day: Inside
Location of price relative to market profile:At POC
Notable overnight futures markets changes:
Up: GC, SI, 6J, 6B, 6E, 6A, ZC
Down:NKD, DX, CL
News for the day:
Housing Starts: 8:30a
Jobless Claims: 8:30a
Industrial Production: 9:15a
Philly Fed Survey: 10:00a
Petroleum Status Report: 11:00a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: As talked about yesterday, if the bulls got prices above 1706, we would be setting up for a trending day, and what a trending day it was as the ES was up as much as 16 handles after the government resolution news. With that much energy expended yesterday, there is typically a balancing day before continuing any directional moves. Prices should open near yesterday's POC, so the value area high/low (1715.5/1710) will be significant to determine if the bulls or bears have the edge. Anything inside of value should be considered range bound activity.
ES Daily Trend:Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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