*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment:Bullish
Overnight Inventory Change: Neutral
Inside Day/Outside Day:Inside
Location of price relative to market profile: At POC
Notable overnight futures markets changes:
Up: ZO (Oats)
Down: ZM (Soybean Meal), NG (Nat Gas), ZS (Soybeans), NKD (Nikkei)
News for the day:
Consumer Price Index: 8:30a
Housing Market Index: 10:00a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: After yesterday's bullish trading activity, the S&P futures are trading neutral during the overnight session. Given the fact that the FOMC meetings begin today, the higher probability is for more two-sided trading leading up to the Fed announcement tomorrow, especially when prices are trading inside of the value area. The key levels to watch will be the value area high/low and the previous day high/low. A breakout of the daily ranges today and tomorrow could provide directional opportunities as news from the Fed meetings begin to be released and longer term traders enter positions, which should correspond with an increase in volume. On an intraday basis, the bias is a cointoss.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Bullish
ES Monthly Trend: Strongly Bullish
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