*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Outside
Location of price relative to market profile:Above value area
Notable overnight futures markets changes:
Up: CT (Cotton), Silver (SI), NKD (Nikkei), CL (Crude Oil), Gold (GC), Nat Gas (NG), Indexes
Down:
News for the day:
Petroleum Report: 10:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day:The market is poised to open higher and above the high volume area that has accumulated the past few days, a very bullish sign. At this point, the higher probability is a test of the all-time highs of 1770.50 as current prices are within 5 handles of the level. If there is profit taking at the open, watch for a test of the previous day high/value area high at 1762. Any bounce can be considered bullish as buyers would be supporting the level. If bears can manage to get prices back into the value area then that would be an accomplishment at this point given that it is a light news day. As of now, clear edge to the bulls.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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