Daily Outlook
Prior Day Market Sentiment: Bullish
Overnight Inventory Change:Neutral/short
Inside Day/Outside Day:Inside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up: ZO (Oats)
Down:NG (Nat Gas), SI (Silver), CL (Crude Oil), PA (Palladium), CC (Cocoa), HG (Copper), PL (Platinum), ZL (Soybean Oil), KC (Coffee)
News for the day:
S&P Case Shiller Index: 9:00a
Consumer Confidence: 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: As the saying goes, "a rising tide lifts all ships." Yesterday it seemed like every stock on the heat map was in the green with the S&P making all-time highs during the intraday session. When prices clear a significant level, either a high or low, there is typically a flush of buyers/sellers due to the large quantity of limit orders placed around the level. The S&P explored new highs and reached 1856.75 before pulling back to two points below the previous all-time high. Coincident? Likely not. Confirmation of the range breakout can only be confirmed when prices close above 1846.50 which is the key level once again for today's trading. Intraday edge is neutral/bullish.
ES Daily Trend: Neutral/Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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