*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/long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area low
Notable overnight futures markets changes:
Up: NKD (Nikkei), ZL (Soybean Oil), ZC (Corn), ZS (Soybean), PA (Palladium)
Down:CC (Cocoa), GC (Gold), 6J (Yen), 6A (Aussie Dollar), 6N (New Zealand Dollar), SI (Silver)
News for the day:
Jobless Claims: 8:30a
Producer Price Index: 8:30a
PMI Mfg Index: 8:58a
Philadelphia Fed Survey: 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: Yesterday's profile showed a double distribution after the Fed meeting announcement. There was a liquidation break as prices spent time below Tuesday's trading range, a bearish sign. Prices are relatively neutral during the overnight session and are set to open inside the value area. Therefore, the value area high/low will be the reference points to watch for the day. There has been some profit taking with the bulls and a volume cluster is building between 1785-1800, so the intraday edge is with the bears.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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