*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Neutral
Overnight Inventory Change: Neutral/long
Inside Day/Outside Day: Inside
Location of price relative to market profile:Near value area high
Notable overnight futures markets changes:
Up: Palladium (PA), SI (Silver), ZM (Soybean Meal), GC (Gold), NKD (Nikkei), ZW (Wheat), PL (Platinum), ZC (Corn), 6B (British Pound)
Down:
News for the day:
Durable Goods Orders: 8:30a
Jobless Claims: 8:30a
Chicago PMI: 9:45a
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 S&P has a spinning top candlestick pattern on the daily chart. This type of setup is indicative of more neutral price action in the short term and it fits given the Thanksgiving holiday. It is a surprisingly strong news day which possibly could provide some trading opportunities. The key points of reference will be 1807 to the top side and 1798.5 to the downside. Since most traders are already on Thanksgiving break, the higher probability is for an inside day and trades should be monitored carefully. Happy Thanksgiving!
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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