*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change: Net long
Inside Day/Outside Day: Inside
Location of price relative to market profile: Near value area high
Notable overnight futures markets changes:
Up: SI (Silver), CL (Oil), GC (Gold), NG (Nat Gas)
Down:ZW (Wheat), NKD (Nikkei)
News for the day:
NONE
*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 selling off in the premarket as prices traded below the value area low of 1807.25, which will be the level to watch at the open together with the previous day low of 1806.25. Any trading inside of yesterday's range should see more two-sided trading and smaller profit targets should be set as part of the money management strategy. The market is still within the 1800-1810 high volume range and a breakout of the zone would be needed before taking any directional trades.
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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