Daily Outlook
Prior Day Market Sentiment: Neutral/Bullish
Overnight Inventory Change: Net long
Inside Day/Outside Day:Outside
Location of price relative to market profile: Above value area
Notable overnight futures markets changes:
Up: NG (Nat Gas), 6A (Aussie Dollar), GC (Gold), PA (Palladium), 6N (New Zealand Dollar), NKD (Nikkei), ZO (Oats), ZW (Wheat)
Down:OJ (Orange Juice), CC (Cocoa), CT (Cotton)
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: A solid way to determine which side has a grasp on the markets is to measure the response when prices bounce off a trendline. If there is a minor bounce with low volume then the likelihood is for a reversal. If there is a larger bounce with above average volume and continuation in the upcoming days, then the path of least resistance is to continue with the trend. We have seen the latter. Prices currently stand at the swing pivot level of 1800 and look to continue higher after yesterday's balancing day. The ES is still trading in the middle of the ichimoku cloud on the daily chart and are near the 61.8% fibonacci retracement from the Jan 23rd high to the Feb 5th low. If prices can clear the 1802 retracement level which coincides with the swing pivot then the higher probability is for further upside. Based on the globex session, prices have risen above Monday's high of 1795.5 and any bounce off the level would confirm the buying. Intraday edge to the bulls.
ES Daily Trend: Neutral
ES Weekly Trend: Bullish
ES Monthly Trend: Bullish
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