*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Neutral
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile:Value area high
Notable overnight futures markets changes:
Up: 6N (New Zealand Dollar), 6A (Aussie Dollar)
Down:NG (Nat Gas), HG (Copper)
News for the day:
Factory Orders: 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: Prices have been moving higher in the premarket and are currently in a zone of overlapping value areas between 1750-1760 which is indicative of neutral activity. For buyers to gain traction today, the offers will have to be lifted above Friday's high at 1761.25. It is a relatively light news day, so trades within the value area should have smaller profit targets/stops.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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