*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Neutral/Bearish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up:SB (Sugar), SI (Silver), PL (Platinum), PA (Palladium), KC (Coffee), HG (Copper), NKD (Nikkei)
Down:ZC (Corn), ZW (Wheat)
News for the day:
GDP: 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:Today is Quad Witching Day when stock index futures, single stock futures, stock options, and stock index options all expire on the same day. Typically, the S&P usually has a narrow trading range and choppy price action on witching days as traders close out long term positions and/or rollover contracts to the next month. The key inflection points will be Thursday's high of 1805 if prices are bought up and Thursday's low of 1795 if there is a liquidation break. There is GDP news in the premarket which could add some volatility to the intraday trading, but the higher probability is for two-sided trading, especially during the afternoon session. Merry trading!
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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