*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 short
Inside Day/Outside Day: Inside
Location of price relative to market profile:Below value area
Notable overnight futures markets changes:
Up:ZO (Oats), NG (Nat Gas), KC (Coffee), ZW (Wheat), CC (Cocoa)
Down: SI (Silver), ZL (Soybean Oil), PA (Palladium), SB (Sugar), CT (Cotton)
News for the day:
ADP Employment Report: 8:15a
Petroleum Status Report: 10:30a
FOMC Minutes: 2:00p
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: FOMC minutes are upon us once again. These macro economic news events provide the volatility in the markets and create the profitable trading opportunities for both short and long-term traders. Typically on Fed days, the market makers set a wide opening range and trade within the area until the news is released. At this point, there has been a minor selloff during the overnight session, sending prices below the value area low but still above Tuesday's low print. Naturally, these will be the points of reference for trade when the market opens. Longterm bias is still up; intraday bias is neutral/bearish. Of course, all bets are off once the minutes are released. Tread carefully.
ES Daily Trend: Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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