*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
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near value area high
Notable overnight futures markets changes:
Up: ZM (Soybean Meal), NG (Nat Gas), PA (Palladium), ZS (Soybean), HO (Heating Oil), ZO (Oats), OJ (Orange Juice), HG (Copper)
Down:CT (Cotton), SB (Sugar), 6A (Aussie Dollar), 6N (New Zealand Dollar)
News for the day:
NONE
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Prices are poised to open inside of yesterday's value area after the bullish activity. As a result, the logical point of reference is the previous day high at 1795.5. If prices can clear the level, then new buyers should be attracted to lift the offer higher. Anything inside of the value area would generate more two sided trading activity. For now, edge to the bulls.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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