*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: Inside
Location of price relative to market profile:Near POC
Notable overnight futures markets changes:
Up: KC (Coffee), PA (Palladium), SI (Silver)
Down: NG (Nat Gas), ZL (Soybean Oil), ZS (Soybeans), ZM (Soybean Meal), ZW (Wheat)
News for the day:
Producer Price Index: 8:30a
*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 been in the green during the overnight session as international traders have been taking profits after the selloff this week, pulling prices inside the value area. The logical points of reference will be the previous day high and low (1783.25 & 1771.75). Friday's historically have narrower trading ranges than the other days of the week, especially after the Euro close, so the higher probability is for an inside day. Intraday bias is a cointoss until proven otherwise.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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